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Moody’s has upgraded Bank of Cyprus key ratings citing “significant improvement” in asset quality following an agreement on non-performing loans that would drop the bank’s NPL ratio to single digits. Moody’s said it upgraded Bank of Cyprus’ long-term bank deposits to Ba3 from B1, its senior unsecured and subordinated ratings to B3 from Caa1, its long-term Counterparty Risk Ratings (CRRs) to Ba2 from Ba3, its long-term Counterparty Risk Assessment (CRAs) to Ba2(cr) from Ba3(cr) and its Baseline Credit Assessment (BCA) and …
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