{"id":50955,"date":"2013-03-26T13:20:48","date_gmt":"2013-03-26T13:20:48","guid":{"rendered":"https:\/\/armbanks.am\/2013\/03\/26\/237942\/"},"modified":"2024-12-15T13:03:20","modified_gmt":"2024-12-15T13:03:20","slug":"fitch-downgrades-cyprus-two-largest-banks-foxbusiness","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2013\/03\/26\/50955\/","title":{"rendered":"Fitch downgrades Cyprus&#8217; two largest banks: Foxbusiness"},"content":{"rendered":"<p><strong>YEREVAN, March 26. \/ARKA\/.<\/strong> Ratings firm Fitch Ratings has downgraded the two largest Cypriot banks following the agreement Cypriot authorities reached with European Union authorities on Monday morning, Foxbusiness reported Tuesday.<\/p>\n<p>The agreement previews the resolution and winding down of Cyprus Popular bank, the second largest bank in Cyprus, commonly known as Laiki Bank. It also previews a deep restructuring for Bank of Cyprus, the country&#8217;s largest bank.<\/p>\n<p>Laiki Bank will be split into a &#8220;good bank&#8221; and a &#8220;bad bank,&#8221; the latter will be liquidated over time. The &#8220;good bank&#8221; assets will be transferred to Bank of Cyprus. Therefore, Cyprus Popular Bank has been downgraded to D, equivalent of Default.<\/p>\n<p>Fitch expects its banking licence to be revoked and the bank to be subject to liquidation proceedings.<br \/>\nBank of Cyprus, the largest Cypriot bank, has been downgraded to &#8220;SD&#8221;, &#8220;Selective Default&#8221;.<\/p>\n<p>Under the agreement, Bank of Cyprus is likely to be subject to considerable restructuring, which may include the disposal of its Greek operations, affecting its overall credit fundamentals, Fitch said.<br \/>\nFitch expects enforcement of losses on its uninsured deposits to be &#8220;material&#8221;.<\/p>\n<p>The downgrades of both banks come as an effect of losses imposed on senior creditors agreed as part of Monday&#8217;s deal, which triggered a default, Fitch said.\u20140-<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ratings firm Fitch Ratings has downgraded the two largest Cypriot banks following the agreement Cypriot authorities reached with European Union authorities on Monday morning, Foxbusiness reported Tuesday<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[13191,15645],"class_list":{"0":"post-50955","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-banks-en-en","7":"category-news","8":"tag-cyprus","9":"tag-fitch-2"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/50955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=50955"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/50955\/revisions"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=50955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=50955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=50955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}