Summary Box: Moody's rates Cyprus's debt junk

The Associated Press

DOWNGRADE: International credit agency Moody's lowered its rating on euro member Cyprus's debt to junk status Tuesday, citing its banking sector's involvement with the Greek economy.

NEGATIVE OUTLOOK: Moody's said further downgrades are possible.

THE CONTEXT: Fitch rates Cyprus a notch above junk, but Moody's is the second agency to push the island nation's credit rating to junk. Standard & Poor's already did in January. The downgrades effectively shut Cyprus out of top international lending markets.