Fitch Ratings has placed Cyprus's Long-term foreign and local currency Issuer Default Ratings (IDRs) of 'B' and Short-term IDR of 'B' on Rating Watch Negative (RWN). At the same time, the agency has revised the Country Ceiling to 'B'. KEY RATING DRIVERS The RWN reflects Fitch's opinion that the shock resulting from the systemic failure of Cyprus's banking system will have profound negative implications for the domestic economy, which heightens the risk to public finances. This is notwithstanding the fact the Cyprus has agreed an outline programme with its official creditors. This programme improves the sovereign's ... (full story)