S&P upgrades Bank of Cyprus

S&P said it raised its long-term issuer credit rating on Bank of Cyprus PCL (BoC) to BB- from B+ and the long-term rating on its nonoperating holding company, Bank of Cyprus Holdings plc, to B from B- and affirmed its subordinated debt rating.

The agency noted BoC slashed its nonperforming loans to 5.7%, pro forma for its latest deal, from 30% at the end of 2019.

“The upgrade on BoC reflects the material improvements achieved in reducing its problem loans, placing the bank on a stronger footing to face a potentially more challenging environment. BoC has managed a 96% cumulative reduction of its stock of NPLs since its peak in 2014, through a mix of market sales and organic efforts,” S&P said in a press release.

The outlook is stable.

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