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S&P boosts Bank of Cyprus
S&P said it raised its long-term issuer credit rating on Bank of Cyprus PCL (BOC) to BB from BB- and its nonoperating holding company Bank of Cyprus Holdings plc to B+ from B as well as its subordinated debt to CCC+ from CCC.
“We upgraded BOC and BOC Holding based on the improved operating environment for Cypriot banks,” the agency said in a press release.
BOC lowered its reliance on nonresident deposits and a generous liquidity buffer (liquidity coverage ratio surplus amounted to €6.6 billion as of Sept. 30), pro forma the repayment of its third targeted longer-term refinancing operations program, S&P noted.
The outlook is positive.
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