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Cyprus News Agency: News in English, 13-03-26

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] Fitch downgrades three largest Cypriot banks
  • [02] New flights and docking of cruise ships boost Larnaca tourism

  • [01] Fitch downgrades three largest Cypriot banks

    Fitch Ratings downgraded on Tuesday the three largest Cypriot banks, following an agreement reached at Eurogroup level in the early hours of Monday morning. The agency's press release says that it has downgraded "the Long- and Short-Term Issuer Default Ratings (IDRs) of Cyprus Popular Bank (CPB) to Default (D) and those of Bank of Cyprus (BOC) to `Restricted Default` (RD) from `B`, respectively, on losses imposed on senior creditors".

    The fact that BOC will continue to operate in Cyprus, while CPB will be wound-down drives the difference in their Long-term IDRs (`RD` for BOC; `D` for CPB), it adds. The Support Rating Floors (SRF) of the two banks have been revised to `NF` from `B` and Support Ratings (SR) to `5` from `4` as a result of the bail-in of senior creditors. Fitch says.

    Following this, it is added, Fitch has also downgraded their VR to `f` from `c`. It has further maintained the Rating Watch Negative (RWN) on Hellenic Bank's (HB) ratings except for its `cc` VR, which has been revised to Rating Watch Evolving (RWE) from RWN. Fitch, points out that it "expects enforcement of losses on BOC`s uninsured deposits to be material as the bank will have no access to state capital aid under the EUR10 billion rescue package".

    According to Fitch's rating definitions, it is added, `D` ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, or which has otherwise ceased business.

    This, the agency continues applies to CPB. "`RD` ratings indicate an issuer that in our view has experienced an uncured payment default on a bond, loan or other material obligation but which has not entered into liquidation or ceased operating, which is the case for BoC", it says.

    [02] New flights and docking of cruise ships boost Larnaca tourism

    The Municipality of Larnaca and the town's Tourist Development and Promotion Company have welcomed the addition of a new route by EasyJet, from Milan to Larnaca, as well as the docking of cruise ships from Israel at Larnaca Port.

    In a written statement, the Company notes that the two direct flights per week from Milan will be added as of March 27, a development which opens new prospects for the increase of tourism from Italy to Larnaca and Cyprus in general. New flights are also expected from Eastern Europe, as a result of efforts by Hermes Airports to attract new airlines.

    Furthermore, cruise ships from Israel will be docking at Larnaca Port, from the end of March till the end of October, on a weekly basis, with some overnight stays in Larnaca.

    "In these very trying times we are going through, it is expected that tourism will help to a great extent in supporting the local economy, and that is why special emphasis should be given to this sector by the state and all involved parties," the statement reads.

    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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