Business Services Industry
MOODY'S DOWNGRADES CYPRIOT BANKS' FOREIGN CURRENCY DEPOSIT AND FOREIGN CURRENCY BOND RATINGS
Info-Prod Research (Middle East), August, 2003
Moody's Investors Service has downgraded the foreign currency deposit and foreign currency bond ratings of Cypriot banks, concluding a review for a possible downgrade on Bank of Cyprus and Hellenic Bank. Moody's further notes that while it is downgrading the deposit and bond ratings of Cyprus Popular Bank, it is leaving these ratings on review for possible further downgrade while it continues to review the Financial Strength Rating ("FSR") of Cyprus Popular Bank for a possible downgrade.
Moody's explains that the downgrade is a consequence of likely EU accession in May 2004, in view of the stricter EU regulations regarding state support; Cypriot authorities may not be able to provide non-market-based support to the banks in future. In addition, Moody's notes that under EU...
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