CYPRUS: S&P affirms RCB’s ‘BB-‘ rating with stable outlook

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Standards & Poor’s affirmed its “BB-/B” long- and short-term counterparty credit ratings to RCB Bank Ltd on Monday with a ‘stable’ outlook.
 
The rating agency underlined that the rating on RCB reflects the bank’s steady income generation capacity, an experienced and stable management team and expectation that nonperforming loans will remain significantly lower than those of domestic and Russian peers.
Noting that RCB is one of the largest banks in Cyprus, S&P said that a stable outlook reflects the expectation that the bank’s business and financial profiles will remain stable over the next 12 months.
The rating hike follows last Friday’s decision by S&P to place the sovereign credit rating outlook of Cyprus from stable to positive, maintaining the BB+ sovereign credit rating.
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