Fitch lowers Bank of Cyprus, Cyprus Popular Bank

Fitch Ratings said it downgraded Bank of Cyprus' and Cyprus Popular Bank's long-term issuer default ratings to BB from BB+ following the sovereign rating downgrade.

The banks' ratings also were removed from Rating Watch negative.

The outlook is negative, in line with that of the sovereign, Fitch said.

The downgrades reflect an assessment that the state's ability to support its major banks is reduced, as reflected in Cyprus' sovereign downgrade, the agency said.

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