Moody's cuts Cypriot banks

Moody's Investors Service said it took actions on three Cypriot banks to reflect the increased risk of a Greek exit from the euro area. Moody's said that the banks' extensive operations in Greece render their capital positions vulnerable to such an event.

Moody's took the following rating actions:

• Bank of Cyprus: The deposit and senior unsecured debt ratings were downgraded by one notch to B2 from B1, and the standalone credit assessment lowered to B3 from B2;

• Hellenic Bank Ltd.: The deposit ratings were downgraded by one notch to B1 from Ba3 and the standalone credit assessment lowered to B2 from B1; and

• Cyprus Popular Bank: The bank's B3 senior unsecured debt and deposit ratings were placed on review for downgrade.

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