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Fitch downgrades Island’s top three banks

Following Fitch Rating’s downgrading of the Island’s credit rating to junk on Monday, Fitch downgraded the Island’s top three banks – the Bank of Cyprus, the Cyprus Popular Bank and the Hellenic Bank earlier today.

Two Cypriot banks downgraded by Moody’s

Moody’s Investor Services had downgraded the Bank of Cyprus and the Hellenic Bank and has rated them and the Cyprus Popular Bank on review for downgrade as a result of their extensive operations in Greece.

Fitch places three top banks on rating watch negative

International ratings agency Fitch has placed the Island’s top three commercial banks on rating watch negative meaning that they could be downgraded in the near future as they remain highly sensitive to events in Greece.

Government steps in to shore up Popular Bank

The government has agreed to underwrite a 1.8 billion Euro share capital increase by the Island’s second largest bank, the Cyprus Popular Bank, to help it recapitalize and meet EU Banking Authority capital requirements.

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