Moody's said its review of insurance companies would continue, but that further downgrades should be moderate.

The outlook is negative, which means the country could face further downgrades.

Moody's added that Cyprus was "on review for a further possible downgrade".

Investors are concerned that a further downgrade would saturate the junk bond market, driving down prices.

Both rating agencies give a negative outlook on the debt, meaning further downgrades are possible.

Moody's also left the country on review for a further downgrade.

The rating agency kept the Ba2 long-term debt rating under review for possible further downgrade.

Standard & Poor's, the rating agency, also placed the center on a watch list for possible further downgrade.

The ratings agency warned that a further downgrade was being considered.

Now, only 70 million euros of Vivendi's debt would be affected by further downgrades in its rating.