Fitch Ratings has upgraded Bank of Cyprus to investment grade, making it the third global rating agency to do so. With Moody’s, S&P, and now Fitch all giving their stamp of approval, Bank of Cyprus has officially regained its place among top-rated financial institutions.
“This is a significant milestone for both Bank of Cyprus and the Cypriot economy,” the bank stated following the announcement.
Fitch upgraded the bank’s long-term credit rating to BBB- from BB+, maintaining a positive outlook. According to Fitch, behind the upgrade lies a mix of factors: stronger asset quality, robust capital position, market leadership and healthy profitability.
The positive outlook is not just about the bank – it reflects growing confidence in Cyprus’ economic future. Fitch highlights continued economic growth, declining unemployment, and reduced private sector debt as key factors improving the banking sector’s stability.
By clearing out legacy problem assets and maintaining strong capital reserves, Bank of Cyprus has strengthened its financial foundation, making it well-positioned for future growth.