Capital Intelligence Ratings (CI Ratings or CI), the international credit rating agency, has announced that it has upgraded the Financial Strength Rating (FSR) of Bank of Cyprus (BoC) by one notch to ‘BB-’ from ‘B+’ and revised the Outlook to Stable from Positive. The rating action reflects the continued reduction of non-performing exposures (NPEs) over the past four years and the expectation that the Bank’s proactive arrears management will remain successful as operating conditions continue to improve. The FSR is also supported by improved funding and liquidity. The Bank’s leading position in the market and its competitive position, as well as its strong non-interest revenue generation are also supporting factors.
Continue reading at source: Gold News Cyprus
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