Arab Today, arab today moody\s downgrades two major cyprus banks
Last Updated : GMT 12:03:53
Arab Today, arab today
Arab Today, arab today

Moody\'s downgrades two major Cyprus banks

Arab Today, arab today

Arab Today, arab today Moody\'s downgrades two major Cyprus banks

Moody\'s ratings agency said it downgraded on Thursday the deposit and debt ratings of two major Cypriot commercial banks -- Marfin Popular Bank and Bank of Cyprus. Marfin\'s rating was cut to Ba2/Not Prime from Baa3/Prime-3 and Bank of Cyprus to Ba1/Not Prime from Baa2/Prime-2. Moody\'s also confirmed the deposit and debt ratings of Hellenic Bank at Ba1. It said the outlook on the ratings of all three banks is negative. The move came a day after Moody\'s downgraded its Cyprus government bond rating by two notches to Baa1 from A2, citing the eurozone member\'s weakening medium-term credit fundamentals, an explosion that destroyed its main power station and an increasingly fractious political environment.

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