Fitch Ratings has placed Bank of Cyprus and Hellenic Bank on upgrade track, changing the outlook on the two banks to positive from negative, citing the expected improvement in their asset quality due to the announced non-performing loan (NPL) sales transactions.
At the same time, the agency maintained its Long-term issuer default rating at 'B-' for Bank of Cyprus and 'B' for Hellenic Bank. Weak asset quality, profitability and a high cost base are common challenges for both banks.
(CNA)
CYP
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