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Fitch upgrades Cyprus' Hellenic Bank

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Fitch upgrades Cyprus' Hellenic Bank

Fitch Ratings on March 21 upgraded Hellenic Bank PCL's long-term issuer default rating to B+ from B, with a stable outlook.

The agency also raised the Cyprus-based bank's viability rating to "b+" from "b." Both ratings were removed from Rating Watch Positive, where they were placed in June 2018.

At the same time, Fitch affirmed the bank's short-term issuer default rating at B, support rating at 5 and support rating floor at No Floor.

The upgrade comes after the completion of the bank's acquisition of certain assets and liabilities of Cyprus Cooperative Bank Ltd., as well as its completion of a €150 million capital hike. Fitch said the ratings reflect the bank's strengthened franchise and market position in Cyprus.