Moody's Takes Actions on Four Hungarian Banks
- 6 Dec 2024 4:56 PM
Moody's Ratings on Thursday took rating actions on four Hungarian banks, reflecting the change to negative from stable of the outlook on Hungary's Baa2 sovereign rating.
Moody's upgraded the baseline credit assessment (BCA) of Austrian-owned Raiffeisen Bank to baa3 from ba1, reflecting the lender's "sustained improved financial performance and robust profitability outlook". It affirmed Raiffeisen Bank's A3 long-term deposit rating.
Moody's affirmed the ba1 BCA of K+H Bank, a unit of Belgium's KBC, acknowledging the lender's "solid franchise" as the country's third-biggest bank, "good profitability" and "robust asset quality". It affirmed the bank's A3 long-term deposit ratings.
Moody's affirmed the ba1 BCA of Austrian-owned Erste Bank Hungary, pointing to "strong earnings capacity", "large liquidity buffers" and "sound funding profile". It affirmed the lender's A3 long-term deposit ratings.
Moody's assigned negative outlooks to the long-term deposit ratings of all three banks, driven by the negative outlook on Hungary's sovereign rating.
Moody's affirmed the Baa2 foreign-currency backed senior unsecured debt and backed deposit ratings of the Hungarian Development Bank (MFB) with a negative outlook.
Source:
MTI - The Hungarian News Agency, founded in 1881.
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