Posts tagged with "Fitch"

Fitch upgrades Cyprus to investment grade Cyprus

Fitch upgrades Cyprus to investment grade

October 20th, 2018 Fitch Ratings has upgraded Cyprus' sovereign rating to investment grade, 'BBB-' from 'BB+', with a stable outlook as the island expects a 2.7 per cent fiscal surplus this year and continuous growth that will boost receipts. The upgrade followed similar action by Standard and Poor’s last month. Finance Minister Harris Georgiades...
Fitch says medium term debt drop unaffected by Co-op Business

Fitch says medium term debt drop unaffected by Co-op

July 18th, 2018 By Stelios Orphanides Fitch Ratings said that the sale of the Co-op’s operations to Hellenic Bank and the related increase in government debt will not alter the public debt’s reduction over the medium term from this year. The issue of €3.2bn in government bonds on Friday in favour of the bailed-out lender against an equal...
Fitch Ratings puts Hellenic Bank on watch positive Cyprus

Fitch Ratings puts Hellenic Bank on watch positive

June 29th, 2018 Fitch Ratings has placed Hellenic Bank’s long-term issuer default rating (IDR) of 'B' and Viability Rating (VR) of 'b' on ratings watch positive (RWP). Fitch has also affirmed the lender’s short-term IDR at 'B'. The rating action follows the announcement that Hellenic signed an agreement with the Cyprus Cooperative Bank to acquire...
Fitch upgrades Cyprus to one step below investment grade Cyprus

Fitch upgrades Cyprus to one step below investment grade

April 21st, 2018 Fitch has upgraded its rating on Cyprus’ to ‘BB+’ from ‘BB’ because of the country’s strong cyclical economic recovery and prudent fiscal policy. Fitch’s rating on Cyprus is now just one step below investment grade and the outlook is positive, although the agency said weakness in the banking sector is still a risk to...
Fitch warns southern European banks on reserves Cyprus

Fitch warns southern European banks on reserves

April 13th, 2018 Banks in Cyprus, Greece and Portugal may need further reserve build-up, as coverage is not much above the 44.5 per cent EU average despite riskier market characteristics, Fitch ratings agency said in a report. According to the report, asset quality at EU banks is likely to continue improving in 2018 and 2019, helped by economic...
Fitch: Strong growth, election result should ‘underpin’ improving finances Business

Fitch: Strong growth, election result should ‘underpin’ improving finances

February 14th, 2018 Strong economic growth in Cyprus and the expectation of policy continuity after the outcome of the recent presidential elections “should underpin” improving public finances, Fitch Ratings believes, adding however that very weak asset quality in the banking sector remains a risk to recovery. In a commentary on Cyprus, the...
First ratings test for the Cypriot economy on February 2 Cyprus

First ratings test for the Cypriot economy on February 2

January 8th, 2018 In early February Moody’s agency will issue its first rating for the Cypriot economy, opening the way for a round of rating actions, estimated to mark the return of Cypriot junk-rated bonds back to investment-grade. Burdened by an ailing oversized banking sector and an economic recession, Cyprus saw its ratings decline to junk in...
Chances of Cyprus solution ‘slim to remote’ (Update 1) Cyprus Talks

Chances of Cyprus solution ‘slim to remote’ (Update 1)

September 28th, 2017 The collapse in Cypriot peace talks in July 2017 have reduced the chances of a permanent reunification deal in the near term from slim to extremely remote, a leading financial research body has said. Business Monitor International (BMI) Research, is part of the Fitch group and provides macroeconomic, industry and financial market...
Investment-grade rating seen within reach in the next 12 months Cyprus

Investment-grade rating seen within reach in the next 12 months

July 31st, 2017 Two economists said that, following Friday’s upgrade by Moody’s Investors Service, it is realistic to expect that Cyprus could see its credit rating upgraded to investment-grade through an upgrade from Standard and Poor’s (S&P) in the next 12 months, in line with the finance minister’s assessment. S&P -which attributes...
Fitch upgrades Cyprus to 'BB-' Cyprus

Fitch upgrades Cyprus to 'BB-'

October 22nd, 2016 Fitch Ratings has upgraded Cyprus by one notch from ‘B+’ to ‘BB-’with a positive outlook on continuing strong progress in its adjustment following the 2013 banking crisis. Cyprus exited its EU and IMF bailout programme in March, outperforming fiscal and economic targets. It also successfully lifted capital controls and has...
Cyprus among EU countries most exposed to Brexit, Fitch says Cyprus

Cyprus among EU countries most exposed to Brexit, Fitch says

May 17th, 2016 Cyprus is one of the European Union countries most exposed to the economy of the UK and a decision of British voters to leave the EU at the June 23, referendum could seriously harm its economic activity, Fitch Ratings said. Cyprus, together with Ireland, Malta, Belgium, Netherlands and Luxembourg are the EU-countries likely to suffer...
Fitch upgrades Bank of Cyprus and Hellenic Bank Business

Fitch upgrades Bank of Cyprus and Hellenic Bank

April 25th, 2016 Fitch Ratings upgraded on Monday the Bank of Cyprus` Long-Term Issuer Default Rating (IDR) to `B-` from `CCC` and Hellenic Bank`s Long-Term IDR to `B` from `B-`. The rating agency said the outlooks for the two banks` Long-Term IDRs are stable. “These rating actions reflect Fitch`s expectation that some improvement in the economic...
Fitch puts long-term credit rating at B+ (updated) Cyprus

Fitch puts long-term credit rating at B+ (updated)

April 23rd, 2016 Fitch Ratings has affirmed Cyprus’ long-term credit rating at B+ with a positive outlook, even as risks continue to “weigh heavily on the country’s credit profile,” the agency said on Friday. Cyprus’ sovereign debt rating was upgraded by the ratings agency to B+ with a positive outlook last April, following successive...
Troika due back in Cyprus November 3 for eighth evaluation Cyprus

Troika due back in Cyprus November 3 for eighth evaluation

October 31st, 2015 A Troika delegation (IMF, EC, ECB) returns to Cyprus on November 3 for the eighth evaluation of the island`s adjustment programme which ends on March 31, 2016. The Cyprus News Agency said the international lenders would remain on the island until November 13 and would focus on non-performing loans (NPL) as well as the strengthening...
Possible delay for bond issue until mid-November Business

Possible delay for bond issue until mid-November

October 22nd, 2015 By Stelios Orphanides The government may await a possible rating action from Fitch Ratings on Friday before proceeding with the issue of a new bond, which will allow it to capitalise on the continuous drop of bond yields on the secondary market, a finance ministry source said.
Fitch: Cyprus banking environment still weak Business

Fitch: Cyprus banking environment still weak

October 14th, 2015 Cypriot banks face the challenge of managing their exceptionally high non-performing loans (NPLs) amid a still weak economic environment. Fitch ratings agency has said. “The Cypriot economy is set to recover gradually after several years of recession but the operating environment for the banking sector is still weak, with high...
Erdogan warns Moody's and Fitch over assessments - reports World

Erdogan warns Moody's and Fitch over assessments - reports

September 16th, 2014 Turkish President Tayyip Erdogan has accused rating agencies Moody's Investors Service and Fitch Ratings of political motives in their assessments of the Turkish economy, and warnedAnkara could cut its ties with them, local media reported on Tuesday. Both Moody's and Fitch have in recent weeks warned of the potential impact of...
Fitch upgrades BoC, Hellenic Cyprus

Fitch upgrades BoC, Hellenic

July 5th, 2014 By Constantinos Psillides FITCH Ratings has upgraded Bank of Cyprus’ (BoC) long-term issuer default ratings (IDR) to CC from RD and Hellenic Bank’s (HB) to CCC from RD, according to a statement issued by the credit rating agency on Friday. The upgrade comes only a day after the BoC board unanimously agreed to seek investors for a...
Fitch: bond issue positive but risks remain Business

Fitch: bond issue positive but risks remain

June 19th, 2014 Fitch Ratings on Thursday described Cyprus` return to the international markets as positive, but said it did not mean market access would be permanent as risks to the economy remained. On Wednesday, Cyprus issued a five-year bond that was oversubscribed by four times as offers reached €2 billion enabling the authorities to issue...
UPDATE: Ratings rise ‘best reward’ as S&P, Fitch upgrade Cyprus Business

UPDATE: Ratings rise ‘best reward’ as S&P, Fitch upgrade Cyprus

April 26th, 2014 By George Psyllides TWO leading ratings agencies, Standard and Poor’s and Fitch, upgraded their outlook for Cyprus on Friday, based on better-than-expected performance of the economy and strict adhering to the bailout plan of the Troika, with officials suggesting this is the beginning of a very long road to recovery. President...
Fitch maintains BoC’s covered bonds on negative watch News in Brief

Fitch maintains BoC’s covered bonds on negative watch

March 4th, 2014 Fitch Ratings has maintained the Bank of Cyprus’ covered bonds B rating on negative watch. Fitch is “continuing to monitor the impact of the current economic environment on the performance of the residential mortgage portfolio, as well as the evolution of the bank’s Issuing Default Rater (IDR)”, the agency said. It further...
Fitch sees deeper recession, growth in 2017 Business

Fitch sees deeper recession, growth in 2017

November 12th, 2013 Fitch ratings agency expects the recession in Cyprus to be deeper than what international lenders forecast, with the island returning to growth in 2017 and not 2015. “The agency expects output to contract by around 5.0 per cent in 2015 and 1.5 per cent in 2016 and not return to growth until 2017,” the agency said. International...
Cyprus bank recaps should boost confidence, risks remain: Fitch Business

Cyprus bank recaps should boost confidence, risks remain: Fitch

October 8th, 2013 The completion of the recapitalisation and restructuring process of Cypriot banks should improve confidence and contribute to funding stability in the system, Fitch Ratings said on Tuesday, warning however that lenders remained vulnerable to funding and liquidity risks. Fitch said it expected Cyprus' GDP to contract by 8.9 per cent in...
Fitch downgrades Cyprus to “Restricted Default” News in Brief

Fitch downgrades Cyprus to “Restricted Default”

June 28th, 2013 FITCH Ratings has downgraded Cyprus’ long-term local currency Issuer Default Rating (IDR) to “Restricted Default” from “CCC”, following confirmation from the Cypriot government that the exchange of a number of domestic law government bonds has been completed. According to Fitch, the exchange constitutes a distressed debt...
Fitch cuts Cyprus rating, warns troika programme could fail Business

Fitch cuts Cyprus rating, warns troika programme could fail

June 4th, 2013 RATING AGENCY Fitch on Monday cut Cyprus' rating further into junk and warned more cuts could be on the way as an EU/IMF rescue programme could fail. The agency cut Cyprus' long-term foreign currency issuer default rating to B-minus from B with a negative outlook due to the country's elevated economic uncertainty. "Cyprus has no...
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