Moody's: Cyprus outlook negative

Moody's Investors Service said it affirmed that the outlook for the Bank of Cyprus PCL banking system remains negative.

This affirmation reflects the challenging operating conditions in Cyprus and the rated banks' direct and sizeable exposure to the Greek economy, Moody's said.

Asset quality and earnings for the rated Cypriot banks will remain under pressure in the near- to medium-term, Moody's said.

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