Cyprus Business Now

Credit rating agency Fitch Ratings this week upgraded Hellenic Bank’s long-term Issuer Default Rating (IDR) to ‘BBB-‘ from ‘BB+’, with a stable outlook, and its Viability Rating (VR) to ‘bbb-‘ from ‘bb+’.

In an announcement released on Tuesday, Fitch stated that this upgrade primarily reflects the recent upgrade of Cyprus’ economic rating to BBB+/positive and the improved assessment of the Cypriot operational environment.

According to Fitch, the upgrade of Cyprus’ economy was...