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Capital Intelligence affirms ‘B’ rating of BoC, Hellenic

Capital Intelligence, the Limassol-based rating company, said that it affirmed the financial strength and long-term foreign currency ratings of both Bank of Cyprus and Hellenic Bank at ‘B’.

Capital IntelligenceCapital Intelligence, which was commenting in an emailed statement, added that it also placed the rating of the two largest private-owned banks on positive outlook.

The rating action comes three days after the euro area’s finance ministers sealed the completion of Cyprus’s adjustment programme and six days after Capital Intelligence upgraded Cyprus’s long-term foreign currency sovereign rating to B+ by a notch citing better than expected economic and fiscal performance.

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