Fitch upgrades Bank of Cyprus rating to C, affirms IDR at A-

Fitch Ratings have upgraded the individual rating of Bank of Cyprus Pcl to “C” from “C/D”. Additionally, it confirmed the Issuer Default to ‘A-‘ with a Stable Outlook. The upgrade reflects the bank’s improved profitability, its highly satisfactory capital adequacy ratio, the limited risk in markets where it operates and the reduction in provisions for doubtful debt. The rating firm has also taken into account the leading position of Bank of Cyprus in the market.