Fitch Ratings has upgraded the Long-Term Issuer Default Rating (IDR) of the Bank of Cyprus (BoC) to BBB- from BB+ , assigning a positive outlook .
This marks a significant milestone for the bank, reflecting its strengthened financial position and the broader stability of the Cypriot banking sector.
“The upgrade mainly reflects BoC’s improved asset quality from a reduced stock of legacy problem assets (which include non-performing exposures (NPEs) and
