Capital Intelligence Ratings (CI Ratings or CI) has upgraded the Long-Term Foreign Currency Rating (LT FCR) of Bank of Cyprus (BoC) to ‘BB’, from ‘BB-’. BoC’s Bank Standalone Rating (BSR) and Core Financial Strength (CFS) have also been raised to ‘bb’ and ‘bb’, respectively, from ‘bb-’ and ‘bb-’, citing “the substantial improvements in asset quality and the resulting positive impact on the Bank’s capital and overall credit loss absorption capacity.”