Standard and Poor's downgrades Cyprus

Standard & Poor’s cut the sovereign long-term foreign currency credit rating on Cyprus deeper into junk status, lowering the rating to CCC from CCC-plus as the country struggles with a banking crisis.

The European Union gave Cyprus until Monday to raise the billions of euros it needs to secure an international bailout or face a collapse of its financial system that could push it out of the euro currency bloc.

via Business feed http://www.scmp.com/business/economy/article/1197021/standard-and-poors-downgrades-cyprus