The number of new homes being built in Cyprus improved in January, the Cyprus Statistical Service reported yesterday, with the number of permits authorised for new homes increasing compared to January 2014.
The Statistical Service of Cyprus (CYSTAT) has published the annual report "Construction and Housing Statistics, 2013", which contains detailed data on the performance of the industry during 2013.
The Central Bank of Cyprus has announced that the US investment consultancy firm PIMCO has delivered its final report on the due diligence review of the Cypriot financial sector.
Following yesterday's storming of the Bank of Cyprus by angry investors who claim they were mis-sold high-yield bonds, Fitch Ratings has downgraded the covered bonds of the Bank of Cyprus and the Cyprus Popular Bank.
Ratings agency Fitch has downgraded the Republic of Cyprus' sovereign credit rating two notches on its belief that it may cost the government more to bailout the island's banking sector than previously anticipated.
Moody's Investor Service has downgraded Cyprus' top three banks citing uncertainty over the country's bailout talks with international creditors, bringing them closer to the bottom of junk status.
Standard & Poor's Ratings Services pushed Cyprus further into junk territory by lowering its long and short-term sovereign credit ratings by two notches to CCC+. The outlook is negative.
Confidential information from the Central Bank released by StockWatch today puts the level of non-performing loans of the domestic banks at €23 billion requiring several billions more to recapitalise them.
Following its downgrade of three of the island's banks last Friday, ratings agency Fitch has today downgraded the Bank of Cyprus and the Cyprus Popular Bank's covered bond ratings.
Following Fitch Ratings downgrade of Cyprus sovereign credit rating on Wednesday, it has pushed the islands top three banks further into junk territory and believes that the failure of the Bank of Cyprus and the Cyprus Popular Bank "is imminent".
