S&P Assigns Investment Grade Rating to Bank of Cyprus
S&P Global Ratings has just returned Bank of Cyprus’ investment grade, upgrading it to the BBB- level from BB+. According to the rating agency’s report, the upgrade reflects the reduced reliance of Cypriot banks on non-resident deposits and the improvement in the loan-to-deposit ratio. S&P notes that Cypriot banks have strong liquidity, with stable funding…
