Moody’s Takes Rating Actions On Six Hungarian Banks
- 13 Nov 2015 8:00 AM
Ratings agency Moody’s has taken rating actions on six Hungarian banks, prompted by the outlook change to Hungary’s sovereign rating to “positive” from “stable” last Friday. Moody’s also changed Hungary’s Macro Profile to “Weak+” from “Weak”, driven by the improvement in the Hungarian banks’ operating environment, in particular in the country’s economic strength.
The strengthening of the Macro Profile has led Moody’s to review all Hungarian banks’ financial factors and standalone credit profiles, reflected in rating actions on selected banks’ standalone baseline credit assessment (BCA) and ratings, Moody’s said.
Moody’s changed the outlook for the state-owned Hungarian Development Bank (MFB) to “positive” from “stable” and affirmed the creditor’s long-term foreign currency debt and deposit ratings at Ba1 and Ba2, respectively.
It changed the outlook for the Ba2 long-term foreign currency deposit ratings of OTP Bank, Hungary’s biggest commercial lender, to “positive” from “stable.
It upgraded by one notch Erste Bank Hungary’s long-term deposit ratings to B2, Moody’s affirmed the “stable” outlook for K&H Bank’s Ba3 long-term deposit ratings and affirmed with a “stable” outlook Budapest Bank’s B2 long-term deposit ratings.
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