Moodys upgrades Bank of Cyprus’ deposit ratings

Moodys Ratings agency on Monday upgraded Bank of Cyprus’ (BoC) long-term deposit ratings to Caa3 from Ca with stable outlook, warning however that the lender still faced immense challenges.

Moody’s said the upgrade primarily reflects the improvement in the bank’s capital buffers, which enhance its capacity to absorb credit related losses.

Following a successful capital increase in August 2014, BoC’s fully loaded Common Equity Tier 1ratio increased to 15.1 per cent from 11.3 per cent in June 2014.

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