Bank of Cyprus receives rating upgrade with positive outlook

Standard & Poor’s has upgraded Bank of Cyprus’ long-term issuer rating to BB+, just one notch below investment grade status, and assigned a positive outlook.

This comes shortly after the upgrade of Cyprus’ long-term rating to BBB+, also with a positive outlook. S&P cited the bank’s strengthened capital position and strong earnings capacity, along with a broader reduction of financial risks in Cyprus, as reasons for the upgrade.

“Our ratings balance BoC’s solid position as one of the leading banks in Cyprus and strong capitalization against the elevated, albeit easing, risks for banks operating only in Cyprus,” S&P stated.