01.07.2013 22:30:00

Cyprus, Government of -- Moody's says Cypriot debt exchange amounts to a default

London, 01 July 2013 -- Moody's Investors Service says that it considers Cyprus (Caa3/negative) to have defaulted, in line with Moody's default definitions, further to the conclusion of an exchange of EUR1 billion of existing domestic government bonds. The debt exchange is in accordance with Cyprus's commitments under the program agreed with international partners. On Monday 1 July, the Cypriot authorities announced the completion of the exchange of bonds.

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