S&P reaffirms RCB’s BB- rating, outlook stable

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By Stelios Orphanides

RCB Bank said that Standard & Poor’s Global Ratings (S&P) affirmed the lender’s BB- long term counterparty rating and its B short term rating which have a stable outlook, days after the rating company reaffirmed Cyprus’s BB+ sovereign rating, placing it on positive outlook.

“S&P underlines that the rating on RCB reflects the bank’s steady income generation capacity, an experienced and stable management team and expectation that nonperforming loans will remain significantly lower than those of domestic and Russian peers,” RCB, one of the four banks jointly supervised by the Central Bank of Cyprus and the European Central Bank’s Single Supervisory Mechanism, said.

“Noting that RCB is one of the largest banks in Cyprus, S&P said that a stable outlook reflects the expectation that the bank’s business and financial profiles will remain stable over the next 12 months,” the bank said.

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Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]