ECONOMY

Moody’s upgrades Hellenic Bank

Moody’s upgrades Hellenic Bank

Moody’s Investor Service has upgraded Hellenic Bank’s long-term deposit rating to Ba3 from B1, assigning positive outlook.

The rating agency cited the “significant improvement” in the Cypriot bank’s asset quality following the agreement to sell a portfolio of nonperforming exposures (NPEs) with a gross book value of 720 million euros to PIMCO, as well as the acquisition of performing loans from RCB Bank.