Bank of Cyprus – Positive Outlook Assigned to Ratings

Ref: CY001 2 2 CRA00- 0 1 15 December 20 2 3

Bank of Cyprus – Positive Outlook Assigned to Ratings

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised Outlook for the Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating ( BSR) of Bank of Cyprus (BoC) to Positive from Stable. The Bank’s LT FCR and ST FCR of ‘BB’ and ‘B’, respectively, have been affirmed. At the same time, CI Ratings has affirmed BoC’s BSR of ‘bb’ and Extraordinary Support Level ( ESL) of Uncertain. The Core Financial Strength (CFS) rating has been raised to ‘bb+’, from ‘bb’.

The revision of the LT FCR and BSR Outlook to Positive and the upward adjustment of the CFS rating reflects the Bank’s strongly improved net and operating profitability, and the reduced NPL ratio coupled with robust capital ratios in Q3 23. These factors taken together have…