Cyprus' RCB bank receives upgraded credit score amid business relationship with Russian VTB bank

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Moody’s global credit rating agency has upgraded the foreign-currency deposit rating of Cyprus’ RCB Bank by two points from B3 to B1, with the benchmark credit assessment to B2. The reasons for positive move are due to the strong liquidity reports from the bank and the anticipated furtherance of its business relationship with Russian VTB Bank, owner a 46% shareholding for other destinations.

The banks long-term deposit outlook rating was also positively amended to stable reflecting the credit rating agency’s expectancy that RCB’s financial fundamentals will continue to remain stable over the next year and a half.