Cyprus Business Now

American credit rating agency S&P has released a report affirming RCB Bank with a rating of “BB-” with a stable outlook.

RCB Bank’s long and short-term credit ratings of “BB-/B” are the result of the bank’s sustainable asset quality and strong capitalisation position according to the report.

“This rating, in conjunction with those of other international rating agencies, continue to rank RCB Bank as one of the institutions with the highest ratings in Cyprus,” the bank said in response to the report.

“RCB Bank’s strengths, such as its strong capitalisation and the sustainable asset quality positions, are amongst S&P’s major rating factors,” the bank added.

The harmonised index of consumer prices went up by 3.6 per cent year-on-year this September and down by 0.5 per cent month-on-month according to data released by the Cyprus Statistical Service (CyStat).

The CyStat report states that in September 2021 the Harmonised Index of Consumer Prices increased by 3.6 per cent when compared to the index of September 2020 while, when compared to the figures from August 2021, the index decreased by 0.5 per cent.

For the period between January and September 2021, the HICP registered an increase of 1.5 per cent year-on-year.

The Cyprus Stock Exchange (CSE) ended Wednesday, October 20, with minor profits after a loss-making day of trades on Tuesday.

The main Cyprus Stock Market Index was at 65.56 points by the end of trading, reflecting an increase of 0.26 per cent over the previous day.

The FTSE / CySE 20 Index was at 39.15 points, representing a rise of 0.28 per cent. The total value of transactions came up to €15,813.80.

In terms of sub-indexes, the main index rose by 0.51 per cent while the hotels index rose by 1.9 per cent.

Conversely, the alternative and investment firm indexes fell by 0.05 and 1.4 per cent respectively.

The biggest investment interest was attracted by Vassiliko Cement Works (+1.56 per cent), Logicom (no change), KEO PLC (-6.9 per cent), and Amathus Ltd (+9.84 per cent).