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Cyprus News Agency: News in English, 12-02-03

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] Fitch downgrades three Cypriot banks
  • [02] House resolution says UN top envoy must act objectively

  • [01] Fitch downgrades three Cypriot banks

    Fitch Rating downgraded three Cypriot banks by one notch since 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. A press release issued by Fitch said it has taken rating actions on three Cyprus Banks, namely Bank of Cyprus (BOC ), Marfin Popular Bank (MPB) and Hellenic Bank`s (HB ) Long-term and Short-term Issuer Default Ratings (IDR), Support Rating Floors (SRF), Support Ratings and Viability Ratings (VR) following the sovereign rating action taken on Cyprus. The Outlook on their Long-term IDR is Negative in line with that of the sovereign.

    Fitch has downgraded BOC, MPB and HB `s Long-term IDRs and SRFs to `BB+` from `BBB-` and their Short-term IDRs to `B` from `F3` and removed them from Rating Watch Negative (RWN). These actions are the direct consequence of Cyprus` sovereign downgrade as well as Fitch`s reassessment of the potential support available to the banks.

    ``It is Fitch`s view that while the Cypriot government`s propensity to support banks remains unchanged, its ability to do so has been reduced as reflected in the downgrade of Cyprus` rating. As a result, Fitch has downgraded the Cypriot banks` Support Rating to `3` from `2`, revised their SRF to `BB+` from `BBB- and removed them from RWN. However, Fitch continues to consider in its judgment of support the fact that Cypriot banks could receive support from international authorities in case of need,`` the press release said.

    The Negative Outlook on the banks` Long-term IDRs indicates that any further downgrade of Cyprus` sovereign rating and/or any change that reduced the likelihood of international support could lead to a further downgrade of the banks` Long-term IDRs and SRFs, the press release added

    [02] House resolution says UN top envoy must act objectively

    The House of Representatives unanimously passed a resolution, addressed to the UN Secretary-General Ban Ki-moon, on the urgency of restituting the objectivity of the role of the UN SG Special Advisor Alexander Downer, stating that this responsibility lies with Ban.

    The House states by this resolution that the unbalanced and detrimental statements and actions of the UN SG Special Advisor are not in line with the provisions of the Charter of the UN and Cyprus-related UN resolutions.

    Such actions are compromising the Special Advisors good report and leave the UN SG exposed, the resolution reads, in addition to impeding the negotiation process for a Cyprus solution.

    The House says references made by Downer, stating among others that the Greek Cypriots, instead of the Republic of Cyprus will assume the Presidency of the European Council in the second half of 2012, are unacceptable and are targeting the statehood of the Republic of Cyprus.

    House President Yiannakis Omirou noted that the House of Representatives of the Republic of Cyprus sends a very strong message with this resolution, aimed at the UN Secretariat, underlining that all UN representatives must act in line and according to the spirit of the UN Charter, as well as the Security Council and General Assembly resolutions on Cyprus.

    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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