Moody's on Sept. 7 took several ratings actions on Cyprus Cooperative Bank Ltd. and Hellenic Bank PCL following the withdrawal of the former's banking license upon the completion of the transfer of its assets and customer deposits to the latter.
The ratings were placed on review for upgrade July 13.
The rating agency upgraded Cyprus Cooperative Bank's long-term local- and foreign-currency deposit ratings to Caa1 from Caa2 and its long-term counterparty risk rating to B2 from Caa2. The ratings were also placed on review for further upgrade.
Moody's said it also affirmed the short-term local- and foreign-current deposit ratings and short-term counterparty risk rating of Cyprus Cooperative Bank at NP. The bank's "ca" baseline and adjusted baseline credit assessments and Caa1(cr)/NP(cr) long- and short-term counterparty risk assessments were not affected by the action.
Meanwhile, Moody's extended the review for upgrade on Hellenic Bank's Caa1 long-term local- and foreign-currency deposit ratings, "caa2" baseline and adjusted baseline credit assessments, B2 long-term local- and foreign-currency counterparty risk rating and B2(cr) long-term counterparty risk assessment.
Hellenic Bank's short-term local- and foreign- currency deposit and counterparty risk ratings and short-term local-currency commercial paper ratings were affirmed at NP, while its short-term counterparty risk assessment was affirmed at NP (cr).
Moody's noted that it will subsequently withdraw all of Cyprus Cooperative Bank's ratings and ratings input. The outlook on the ratings prior to withdrawal remains under review.