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Moody's and other rating agencies have lowered their ratings on a number of European governments and financial institutions recently, given the economic turmoil in region The rating agency also downgraded the bond rating of Cyprus's government Wednesday by two notches to Ba3 from Ba1, sinking it further into junk-grade status on the increasing likelihood that Greece will exit the euro. Cyprus has heavy exposure to Greek banks and Greece's exit from the euro would increase the amount of support that Cypress would have to extend to its banks at a time when the country's finances are already strained and it has little access to international markets. Moody's said Cyprus's rating is under review for further downgrades.
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