Capital Intelligence (CI), the international credit rating agency situated in Limassol, has raised the Bank of Cyprus' Financial Strength Rating (FSR) to 'B-' (from 'C+') to reflect the greatly improved capital position.

The revised FSR is described as capturing the rebound in operating and net profit, as well as good progress in the implementation of the Bank’s restructuring programme, though remains constrained by the very weak asset quality and very tight liquidity.