Moody's has upgraded the deposit rating outlook for three local banks in Cyprus, including the Bank of Cyprus, Hellenic Bank, and the Russian Commercial Bank RCB.
Previously, Moody's had also upgraded the outlook for Cyprus's Caa3 sovereign credit rating from “stable” to “positive”. The rating agency has upgraded the outlook for the Bank of Cyprus and Hellenic Bank from negative to positive, while the long-term deposit credit ratings for these two banks remain at Caa3; the outlook for the Russian Commercial Bank has been upgraded from negative to stable, with a long-term deposit credit rating of Caa2.
