Home / Business / Local Business / Moody’s upgrades RCB Bank’s deposit ratings to B1 from B3

Moody’s upgrades RCB Bank’s deposit ratings to B1 from B3

On August 29, 2017 Moody’s Investors’ Service upgraded RCB Bank’s long term local- and foreign-currency deposit ratings to B1 from B3 and its baseline credit assessment to b2 from b3.

According to a Moody’s announcement, the rating action reflects RCB Bank’s strong solvency, low level of red loans, as well as expectation that the bank will continue to grow its business.

Commenting on this positive development, the CEO of RCB Bank Dr. Kirill Zimarin said that the Moody’s rating reaffirms the confidence in the Bank from both the Bank’s clients and the management.

“With strong capital and liquidity position, confirmed by this improved rating, RCB will continue implementation of its strategy focused on growth in the Cypriot and other European markets”, Dr. Zimarin said.

Check Also

Unemployment rate drops to 10.6% in Q2

The number of people out of work in the second quarter of 2017 was 10.6% …

European Commission team looking at Larnaca Port concerns

The EP Committee on Petitions (PETI) is conducting a fact-finding mission in Larnaca between Wednesday …