Moody’s downgrades Bank of Cyprus’ senior unsecured note program 

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Moody’s downgrades Bank of Cyprus’ senior...
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Moody`s Investors Service has affirmed the deposit ratings of Bank of Cyprus Public Company Ltd, while it has downgraded its Senior Unsecured Medium-Term Note Program to (P)Caa2, from (P)Caa1.

The rating action reflects the implementation in Cyprus of a new legal framework, which establishes full depositor preference over senior unsecured debt instruments in the event of a bank resolution. The outlook on the long-term deposit ratings remains positive.

On 29 May 2019, the government of Cyprus (Ba2 stable) published a law transposing the European...


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Moody’s downgrades Bank of Cyprus’ senior unsecured note program 


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