Following yesterday's storming of the Bank of Cyprus by angry investors who claim they were mis-sold high-yield bonds, Fitch Ratings has downgraded the covered bonds of the Bank of Cyprus and the Cyprus Popular Bank.
Following its downgrade of three of the island's banks last Friday, ratings agency Fitch has today downgraded the Bank of Cyprus and the Cyprus Popular Bank's covered bond ratings.
Following Fitch Rating's downgrading of the Island's credit rating to junk on Monday, Fitch downgraded the Island's top three banks - the Bank of Cyprus, the Cyprus Popular Bank and the Hellenic Bank earlier today.
Despite their efforts to raise fresh funds, Moody's Investor Service has downgraded the three leading Cyprus bank ratings following Tuesday's cut to 'junk' of the Cyprus sovereign ratings.
Moody's Investor Service cut Cyprus' sovereign ratings to junk earlier today saying there was a heightened risk that the government would have to support the banks, which are heavily exposed to the Greek debt.
The covered bonds of the Bank of Cyprus and the Marfin Popular Bank have been downgraded by Fitch Ratings following the downgrade of Cyprus' sovereign rating and the subsequent downgrades of Marfin and BoC's' Long-Term Issuer Default Ratings.
Fitch Ratings has downgraded three Cypriot banks by one notch saying that finding private capital to cover their capital needs until June will be "difficult". Fitch downgraded the three banks to BB+ from BBB- with negative outlook.
Ratings agency Standard & Poor's has cut the credit ratings of Cyprus by two notches to junk status as a result of the problems within the eurozone and the Cypriot financial institutions' significant exposure to Greece.
Ratings agency Moody's Investor Services has downgraded Marfin Popular Bank covered bonds and put the Bank of Cyprus covered bonds on review for downgrade. The actions follow Moody's downgrade of Cyprus' sovereign debt rating last week.
Moody’s Investors Service has downgraded Cyprus government bond ratings to Baa3 from Baa1 on the very high likelihood that the Cypriot government will need to contribute to the recapitalisation effort of the banking system.
Yesterday Standard & Poor's downgraded Cyprus' long-term credit rating to BBB due to the banks exposure to the Greek debt, which it estimates to be 165 percent of the Island's Gross Domestic Product.
Fitch Ratings agency has cut Cyprus' long-term local and foreign currency ratings by two notches to within two steps of junk territory, referring to the Island's increasing budget and debt pressures.
In the wake of yesterday's announcement that Moody's had downgraded Government bond ratings, the ratings agency has downgraded the deposit and debt ratings of the Marfin Popular Bank and the Bank of Cyprus.
Following in the wake of its decision last week to downgrade Cyprus government bond ratings, yesterday Moody's Investor Services announced that it had downgraded three Cyprus banks.
Yesterday Moody's Investors Service downgraded Cyprus government bond ratings by two notches to A2 from Aa3, reflecting its view of the country's weakening medium-term credit fundamentals.
