Bank of Cyprus Ratings Upgraded; Outlook Remains Stable

21 October 2025

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’ and the Bank Standalone Rating (BSR) to ‘bbb’. At the same time, CI Ratings has affirmed BOC’s Short-Term Foreign Currency Rating (ST FCR) of ‘A3’, Core Financial Strength (CFS) of ‘bbb’ and Extraordinary Support Level (ESL) of Uncertain. The Outlook for both the LT FCR and BSR remains Stable.

The upgrade of the Bank’s LT FCR and BSR is driven by the improved Operating Environment Risk Anchor (OPERA) assessment for Cyprus, now at ‘bbb’. The affirmation of the Bank’s CFS rating is supported by sound financial metrics as of H1 25. Having resolved its legacy NPLs, the Bank’s asset quality continued to improve, with the NPL ratio falling to 1.8% and loan-loss reserve coverage rising to 87.0%. Funding and liquidity remain strong, backed by a deep and stable…