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Moody's cuts Marfin Popular, Bank of Cyprus
Moody's Investors Service said it downgraded the deposit and debt ratings of Marfin Popular Bank PCL to Ba2/not-prime from Baa3/prime-3, and Bank of Cyprus PCL to Ba1/not-prime from Baa2/prime-2.
The agency also said it confirmed the deposit and debt ratings of Hellenic Bank PCL at Ba1.
The outlook on all three banks is negative.
The downgrade concludes a review for possible downgrade that began in May.
The downgrades reflect the banks' high exposures to Greek government bonds. These exposures will subject the banks to economic losses and reductions in capitalization levels under the terms of the current Greek sovereign-debt exchange, albeit to different degrees, Moody's said.
Significant lending exposure to the Greek private sector also weakens profitability, the agency said.
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