Fitch Downgrades Bank of Cyprus



Fitch Ratings has downgraded Bank of Cyprus (BoC) and has revised the outlooks for the island’s other two banks to negative, citing their exposure to Greek debt.
Fitch said it has downgraded BoC’s Long-term Issuer Default Rating (IDR) to ‘BBB-‘ from ‘BBB+’, removed the Rating Watch Negative (RWN) and assigned it a Negative Outlook.
Marfin’s and Hellenic’s outlooks have been revised to Negative from Stable.
The actions followed the downgrade of Cyprus’s sovereign rating to ‘BBB’ from ‘A-‘ with a Negative Outlook a couple of days ago.
(source: cyprus-mail)


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