S&P Global Ratings has upgraded the long-term issuer credit rating of Bank of Cyprus Public Co. Ltd. (BoC) to ‘BBB-’ from ‘BB+’, reflecting improvements in the Cypriot banking sector’s funding stability.
“Cypriot banks have further reduced their dependence on less stable non-resident depositors and improved their loans-to-core-deposits ratio, increasing funding stability in Cyprus’ banking system,” the credit agency stated.
The outlook for both BoC and its holding company, Bank of
