Moody's cuts Bank of Cyprus

Moody's Investors Service said it downgraded Bank of Cyprus PCL's deposit ratings to Ca with a negative outlook from Caa3 and senior unsecured debt ratings to C from Caa3.

Concurrently, Moody's confirmed Hellenic Bank PCL's deposit ratings at Caa3 with a negative outlook.

The subordinated and junior subordinated debt ratings of Bank of Cyprus were affirmed at C. Hellenic does not have any rated debt outstanding.

Moody's said the actions reflect its expectations of material losses for Bank of Cyprus creditors in the coming months, and the risk of potential losses for Hellenic Bank in the coming years.

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