Fitch Ratings has upgraded Hellenic Bank’s long-term Issuer Default Ratings (IDR) to ‘CCC’ from ‘RD’ and Bank of Cyprus’s long-term IDR to ‘CC’ from ‘RD’. Both banks also had their short-term IDR upgraded to ‘C’ from ‘RD’.
Moreover, Fitch has affirmed Bank of Cyprus’s Viability Rating at ‘cc’ and Hellenic Bank’s at ‘ccc’.
The lifting of capital restrictions within the country has played a key role in the agency’s decision to upgrade the ratings of the two banks. This is a very positive and significant development which represents yet another strong indication that Cyprus is restoring the international reputation of the country.
