Fitch upgrades Bank of Cyprus and Hellenic Bank

Fitch upgrades Bank of Cyprus and Hellenic Bank


Fitch Ratings upgraded the Bank of Cyprus` Long-Term Issuer Default Rating (IDR) to `B-` from `CCC` and Hellenic Bank`s Long-Term IDR to `B` from `B-`.

The rating agency said the outlooks for the two banks` Long-Term IDRs are stable.

“These rating actions reflect Fitch`s expectation that some improvement in the economic environment in Cyprus and the implementation of reforms to its insolvency framework will support domestic banks` efforts to manage and reduce very high non-performing loan volumes and enhance recoveries, primarily via forbearance” the rating agency said in its announcement.


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