- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Moody’s downgrade piles on the junk

MOODY’S Investors Service has downgraded the senior unsecured debt and deposit ratings of three Cypriot banks to Caa2 and lowered the standalone credit assessments of two of those banks, Hellenic Bank Public Company Ltd to caa3 from caa2 and Cyprus Popular Bank Public Co Ltd to ca from caa3.

In its statement, Moody’s said that it rating actions are triggered by the downgrade of Cyprus’ government bond rating to Caa3 and they reflect:

The three affected banks are:

The outlook on the banks’ senior debt and deposit ratings is negative.