Fitch credit rating agency has revised the outlook for Bank of Cyprus and Hellenic Bank to positive from negative, citing the expected improvements in asset quality due to the announced sales of non-performing loans (NPL).
Fitch affirmed both banks Long-term issuer default rating at “B-” for Bank of Cyprus and at “B” for Hellenic Bank, citing weak asset quality, profitability and high cost base as the common challenges facing the two banks.
For Bank of Cyprus, Cyprus’ largest lender, Fitch said the Outlook revision follows the announcement that BoC has reached an agreement to sell EUR0.
Source: Cyprus News Agency