Standard & Poor's Ratings Services on Wednesday, April 10 revised its outlook on Cyprus to stable from negative because it expects the troubled government to agree to the terms of a bailout, Reuters reported.

S&P rates the troubled Greek island's rating to CCC.

According to a draft assessment of Cypriot financing needs prepared by the European Commission, Cyprus plans to raise 10.6 billion euros from winding down Laiki Bank, losses to junior bondholders, and a deposit-for-equity swap for uninsured deposits in the Bank of Cyprus. It also plans to sell 400 million euros' worth of reserves to finance part of its bailout.