STANDARD & Poor's cut the sovereign long-term foreign currency credit rating on Cyprus deeper into junk status on Thursday, lowering the rating to CCC from CCC-plus as the country struggles with a banking crisis."We believe that in the absence of a credible alternative source of capital and fiscal financing, the risk of a disorderly credit event is rising," S&P said in its statement. It added: “The downgrade mainly reflects our view of the acute problems in Cyprus’  banking sector”, noting that since early 2012, Cyprus’ domestic banks have repeatedly suffered losses because of write-downs on their holdings of Greek government bonds and credit losses on their Greek and domestic private-sector loans... 4 comments