Moody’s upgrades RCB Bank’s Counterparty Risk Assessment

Moody’s Investors Service has today upgraded RCB Bank’s long-term Counterparty Risk Assessment (CRA) to Ba1(cr) from Ba2(cr) and affirmed the short-term Not Prime(cr) CRA.

According to Moody’s announcement the action follows the upgrade of the Government of Cyprus issuer and bond ratings to Ba2 with stable outlook from Ba3 and reflects the positioning of the CRA one notch above the sovereign rating.

The Bank’s other ratings remain unaffected by this rating action.

The Chief Executive Officer of RCB Bank Dr. Kirill Zimarin welcomed the development noting that the upgrade is yet another proof of the improvement of Cyprus’ economic environment. “The rating by Moody’s is also a vote of confidence for us to continue our strategy focused on growth in the Cypriot and other European markets”, Dr. Zimarin said.