CYPRUS: Fitch affirms BOCY covered bonds at BB+

Fitch Ratings has affirmed the Bank of Cyprus covered bonds at ‘BB+’ assigning a ‘stable’ outlook, following the upgrade of the bank’s Issuer Default Rating (IDR) to ‘B-’ from ‘CCC’ a few days earlier.

 
Fitch said that the upgrade of the bank’s IDR has not led to an upgrade of the covered bonds’ rating because they are already rated at their current maximum achievable rating of ‘BB+’, which is also the country ceiling for Cyprus.
Fitch had also upgraded Hellenic Bank’s Long-Term IDR to ‘B’ from ‘B-’.