Bank of Cyprus – Ratings Upgraded and Outlook Revised to Stable

Ref: CY00123CRA00-01 19 December 20 2 4

Bank of Cyprus – Ratings Upgraded and Outlook Revised to Stable

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has upgraded the Long-Term Foreign Currency Rating (LT FCR) of Bank of Cyprus (BoC or the Bank) to ‘BBB-’ ( from ‘BB’ ) and its Short-Term Foreign Currency Rating (ST FCR) to ‘A3’ (from ‘B’) . At the same time, CI Ratings has upgraded BoC’s Bank Standalone Rating ( BSR ) to ‘bbb-’ from ‘bb’ and raised its Core Financial Strength ( CFS ) rating to ‘bbb’ from ‘bb+’ . The ESL of Uncertain has been affirmed. The Outlook for both the LT FCR and BSR is revised to Stable from Positive.

The two-notch upgrade of the Bank ’ s LT FCR and BSR is driven by both the improved CFS rating of ‘bbb’ and the higher Operating Environment Risk Anchor (OPERA)…