20/02/2007 16:25
International Credit Rating Firm, Fitch, upgraded Bank of Cyprus's Individual rating to 'C' from 'C/D' and affirmed BOC's ratings at Issuer Default 'A-' (A minus) with Stable Outlook, Short-term 'F2' and Support '2'.
According to an announcement released on Tuesday, “The upgrade reflects BOC's improved profitability, satisfactory capitalisation, limited market risk and declining stock of impaired loans. The ratings also take into account the bank's position as Cyprus's largest bank and importance to the domestic economy. The bank's ratings could benefit from a durable improvement in capitalisation, profitability and asset quality ratios”.
“Since 2004, BOC has successfully restored its profitability. The bank has strengthened its revenue generation, improved the management of its impaired loans and maintained rather stable operating costs”, the announcement added. “It may be a challenge for BOC to maintain its profitability at this level, given the increasing competition in Cyprus and Greece”, it emphasized.
According to an announcement released on Tuesday, “The upgrade reflects BOC's improved profitability, satisfactory capitalisation, limited market risk and declining stock of impaired loans. The ratings also take into account the bank's position as Cyprus's largest bank and importance to the domestic economy. The bank's ratings could benefit from a durable improvement in capitalisation, profitability and asset quality ratios”.
“Since 2004, BOC has successfully restored its profitability. The bank has strengthened its revenue generation, improved the management of its impaired loans and maintained rather stable operating costs”, the announcement added. “It may be a challenge for BOC to maintain its profitability at this level, given the increasing competition in Cyprus and Greece”, it emphasized.
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