Moody’s : Positive Outlook

Following the change in Cyprus’s Caa3 government bond rating to positive by Moody’s, the credit rating agency has changed the ratings of three banks in Cyprus, namely Bank of Cyprus, RCB and Hellenic Bank.

For Bank of Cyprus and Hellenic Bank,  the outlook changed from negative to positive while for RCB it changed to stable from negative.

The above is due to the stronger than expected fiscal and economic performance in 2013 of the Cypriot economy and the government’s consistent policy of meeting the conditions set by the Troika funding programme which lead to the outlook on Cyprus’s Caa3 government bond rating being changed to positive.

 

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