News Local Moody's places on review for upgrade Hellenic Bank and Cyprus Cooperative Bank

Moody’s places on review for upgrade Hellenic Bank and Cyprus Cooperative Bank

Moody`s Investors Service placed Friday on review for upgrade Hellenic Bank Public Company Ltd`s Caa1 long-term deposit ratings, its caa2 Baseline Credit Assessment (BCA) and adjusted BCA, its B2 long-term Counterparty Risk Rating (CRR) and its B2(cr) long-term Counterparty Risk Assessment (CRA).

According to an announcement by the credit rating agency, Moody`s also changed the direction of the review on Cyprus Cooperative Bank Ltd`s (CCB`s) Caa2 long-term deposit and long-term Counterparty Risk Ratings, and its Caa1(cr) long-term CRA to review for upgrade from review with direction uncertain.
The bank`s ca BCA and adjusted BCA were not affected by this action. Both banks` Not Prime short-term deposit ratings and short-term CRRs and their Not Prime(cr) short-term CRAs have been affirmed.
The reviews for upgrade of both banks are driven by the Cypriot authorities approval of Hellenic`s offer to acquire CCB`s balance sheet consisting of healthy assets, all of its customer deposits, some other liabilities and equity, the announcement says.
It is added that the review for upgrade on Cyprus Cooperative Bank`s deposit ratings reflects the prospect that should the rated deposits of CCB, alongside certain assets, be transferred to Hellenic, CCB`s depositors will benefit from acquiring the bank`s better risk profile and the rating agency would align CCB`s long-term deposit ratings with Hellenic`s deposit ratings, currently Caa1 on review for upgrade.

Moody`s also says that the review for upgrade on Hellenic`s ratings will focus on the successful completion of the acquisition, as well as on the extent to which the acquisition may strengthen Hellenic`s financial fundamentals and franchise and the integration challenges arising from on boarding CCB`s assets, liabilities and staff.

Source: CNA

 

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