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Fitch takes action on Cypriot banks
Fitch Ratings said it placed Bank of Cyprus pcl's ratings on Rating Watch negative and downgraded Marfin Popular Bank's long-term issuer default rating and senior notes to BBB- from BBB. The agency has also affirmed Hellenic Bank Ltd.'s ratings.
Marfin Popular Bank and Hellenic Bank have stable outlooks.
Bank of Cyprus has a BBB+ long-term issuer default rating, F2 short-term issuer default rating, BBB+ senior notes and F2 commercial paper. Marfin Popular Bank has a F3 short-term issuer default rating. Hellenic Bank has a BBB- long-term issuer default rating and F3 short-term issuer default rating.
The rating actions on Bank of Cyprus and Marfin Popular Bank reflect the increased risks from the banks' sizeable exposure to Greece, which is suffering from a severe crisis as evidenced by the recent downgrade of its sovereign rating to B+/Rating Watch negative from BB+, the agency said.
The affirmation of Hellenic Bank's ratings reflects its comparatively lower exposure to Greece.
The Rating Watch on Bank of Cyprus' ratings and the downgrade of Marfin Popular Bank indicate the expectation of further pressure on the banks' credit risk profiles, profitability and capital due to the challenging operating environment in Greece, the agency noted.
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