Moody's lowers 3 Cypriot banks

Moody's Investors Service said it downgraded the ratings of three Cypriot banks.

Bank of Cyprus PCL's deposit and debt ratings were downgraded by two notches to B1 with a negative outlook from Ba2.

Marfin Popular Bank PCL's deposit and debt ratings were downgraded by one notch to B3 with a developing outlook from B2.

Hellenic Bank PCL's deposit and debt ratings were downgraded by one notch to Ba3 with a negative outlook from Ba2.

The downgrades conclude the review for downgrade that began in November 2011, Moody's said.

The downgrades reflect, to differing degrees, the combined pressures on the banks' standalone credit profiles due to the crystallization of losses on banks' holdings of Greek government bonds after Greece's debt exchange, the agency said.

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