S&P puts Cyprus on negative watch over fiscal concerns

ATHENS, July 21 (BestGrowthStock) – Standard and Poor’s placed
Cyprus on CreditWatch negative on Wednesday, saying it could cut
its A+ sovereign rating within the next three to four months if
the government failed to act to improve finances.

“The CreditWatch placement follows the legislative branch’s
rejection on July 9, 2010, of two of the government’s proposals
for increasing revenues,” said Standard & Poor’s credit analyst
Trevor Cullinan.

He said he expected to resolve the CreditWatch status after
parliament reconvenes in September and considers further
measures to address growing economic pressures.

Stock Market Report
(Writing by Ingrid Melander)

S&P puts Cyprus on negative watch over fiscal concerns