MOODY’S Investors Service yesterday downgraded Marfin covered bonds and put Bank of Cyprus bonds on review for downgrade.
The actions follow Moody’s downgrade of Cyprus’ sovereign debt and associated rating actions on Cypriot banks last week.
According to a statement from Moody’s, covered bonds issued by Marfin Popular Bank (Marfin), backed by Cypriot residential mortgage loans (Marfin Cypriot Pool CB) have been downgraded to Ba3 on review for further downgrade. They had been previously downgraded to Baa3 in August.
It said that covered bonds issued by Bank of Cyprus Public Company Limited (BoC), backed by Greek residential mortgage loans (BoC Greek Pool CB): Baa3 placed on review for downgrade; previously downgraded to Baa3 in August 2011.Read More