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Moody’s ups Bank of Cyprus, Hellenic Bank
Moody's Investors Service said it upgraded Bank of Cyprus PCL’s and Hellenic Bank PCL's long-term ratings, including their long-term bank deposit ratings to Ba2 from Ba3, and their baseline credit assessments to b1, from b2.
The outlook on both banks' long-term deposit ratings remains positive.
“The main driver for today's rating upgrade is the resilience of the Cypriot economy, that is supporting the operating conditions of the banking system,” the agency said in a news release.
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