• Home
• Channel: Finance
• Moody's Takes Rating Actions on Hungarian Banks

Moody's Takes Rating Actions on Hungarian Banks

• 29 Sep 2021 8:49 AM
• Hungary Matters

Moody’s Investors Service on Tuesday said it took rating actions on six Hungarian banks, following the upgrade of Hungary’s sovereign rating to Baa2 from Baa3, with a stable outlook, on Friday.

Moody’s upgraded the long-term backed deposits and long-term backed senior debt ratings of the state-owned Hungarian Development Bank (MFB) to Baa2 from Baa3, with a stable outlook.

It upgraded the Counterparty Risk Assessment (CR Assessment) of OTP Bank, Hungary’s biggest commercial lender, to Baa1(cr) from Baa2(cr) and initiated a review for upgrade on the bank’s Baa1 long-term deposit ratings and its Baa1 long-term Counterparty Risk Ratings (CRR).

Other upgrades include OTP Jelzálogbank, OTP’s mortgage unit, Erste Bank Hungary, K&H Bank and Raiffeisen Bank.

“The upgrade of the backed long-term deposit and long-term senior debt ratings of MFB … reflect their alignment with the sovereign’s ratings given the government’s full ownership and direct, irrevocable and unconditional guarantee of MFB’s liabilities,” Moody’s said.

• How does this content make you feel?
• I love it
• I like it
• I dislike it

• Moody's Rating Hungarian Banks

XpatLoop Media Partner

Hungary Matters

Launched in January 2014, this newsletter published on week days covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI.

Explore More Reports

Banks in Hungary Deny Enhancing Profits During Wartime

• 10 Jul 2024 2:06 PM

The Hungarian Banking Association denied on Tuesday that the bank sector had enhanced profits during wartime, insisting it had been among those suffering the economic uncertainties caused by the war and had endured the burdens of various government measures “in a disciplined and cooperative manner”.



Record Net Profit in Q1 Reported by Banks in Hungary

• 6 Jun 2024 11:14 AM

The unconsolidated net profit of Hungarian banks was up 26% year-on-year to a record Ft 499 billion in the first quarter, largely driven by foreign dividend income and the halving of the extra profit tax, according to data from the MNB.



Free Cash Withdrawals at Post Offices in Hungary

• 11 Apr 2024 5:58 AM

The opportunity for two free cash withdrawals of up to Ft 150,000 a month will be available at post offices, in addition to ATMs, under an amendment approved by Parliament yesterday to harmonise with EU legislation.



Bank-Transfer Fraud Update: Cybershield Programme Extended in Hungary Until 2027

• 9 Apr 2024 7:00 AM

Although the value of damages caused by bank-transfer fraud decreased in 2023, further efforts are necessary and the participants of the CyberShield programme are extending their cooperation until 2027, National Bank of Hungary (NBH) deputy director governor Csaba Kandracs has said.