Bank of Cyprus – Ratings Affirmed with a Stable Outlook
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Ref: CY00120 CRA00- 0 1 23 December 2021
Bank of Cyprus – Ratings Affirmed with a Stable Outlook
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the L ong-Term Foreign Currency Rating (LT FCR ) and Short-Term Foreign Currency (S T FCR ) of Bank of Cyprus (BoC) at ‘BB-’ and ‘B’, respectively. At the same time, CI Ratings has affirmed BoC’s Bank Standalone Rating ( BSR) of ‘bb- ’, Core Financial Strength ( CFS) rating of ‘bb – ’, and Extraordinary Support Level ( ESL) of Uncertain . The Outlook for the LT FCR and BSR is Stable.
The Bank’s BSR is derived from a CFS rating of ‘bb-’ and an O perating Environment Risk Anchor (O PERA ) of ‘bb-’, the latter reflecting moderate economic and industry risks. The LT FCR is set at the same level as the BSR as it is uncertain whether extraordinary support would be forthcoming…