International ratings agency; Moody's downgraded Cyprus' top three banks. Moody’s Investors Services downgraded the long term deposits and debt ratings of Cyprus' three largest banks. According to Moody’s, the downgrades result from the reduced ability of the country to support its large banking system and has also placed the ratings of the three banks on review for further downgrade. However, Director General of Association of Cyprus banks says the banks will remain stable and are ready to face any challenges.
(Ref: Cyprus Property News & moodys.com 9/11/2011)
