OREANDA-NEWS. "Expert RA" rating agency downgraded Cypriot sovereign rating to CCC, which means low credit solvency. The credit environment rating of the state was downgraded to CC (very low credit environment quality).

The government creditworthiness rating (sovereign rating) was downgraded due to the banking crisis aggravation in Cyprus, the ultimate transfer of the bank system liabilities to the governmental responsibility and, consequently, critical dependence of the state on external aid of the European Union and IMF.

The credit environment rating (CER) reflects the ability and willingness of all borrowers of the country to perform their obligations. Downgrading of banks’ creditworthiness and governmental creditworthiness had an adverse impact on the overall creditworthiness in the country.