NEW YORK (Reuters) - Standard & Poor's on Friday downgraded the sovereign foreign currency credit rating on Cyprus to selective default from CCC.
The decision follows Thursday's announcement by Nicosia that it was launching a debt exchange swapping 1 billion euros ($1.30 billion)of government bonds for new, longer-dated debt, to help it meet one of the conditions for its bailout program.
($1 = 0.7693 euros)
(Reporting By Daniel Bases, Luciana Lopez and Pam Niimi)
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