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S&P Upgrades Cyprus

Posted by Joseph Trevisani on Apr 10, 2013 12:53:00 PM

(Reuters)

ScreenHunter 928 Apr. 10 13.02

Standard & Poor's Ratings Services on Wednesday revised its outlook on Cyprus to stable from negative because it expects the troubled government to agree to the terms of a bailout.

S&P rates the troubled Greek island's long and short term debt at CCC/C.

According to a draft assessment of Cypriot financing needs prepared by the European Commission, Cyprus plans to raise 10.6 billion euros from winding down Laiki Bank, losses to junior bondholders, and a deposit-for-equity swap for uninsured deposits in the Bank of Cyprus. It also plans to sell 400 million euros' worth of reserves to finance part of its bailout.

(Reporting by Hilary Russ; Editing by James Dalgleish)

 

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