Moody's upgrades Hungarian banks' credit ratings

Ratings

Photo by Daniel J. Macy / Shutterstock.com

Moody's Investors Service upgraded five Hungarian banks' credit ratings on Tuesday, according to a report by state news wire MTI.

Moody's said the ratings actions were prompted by the agency's change of Hungary's Macro Profile to "Moderate" from "Moderate-" as well as Moody's expectation of a strengthening of the banks' financial fundamentals, mainly a recovery of their profitability in 2021 on the back of sizeable growth opportunities in the domestic economy and resilience of their asset quality.

The agency upgraded Budapest Bank's and MKB Bank's long-term deposit ratings to "Ba1" from "Ba2" with the positive outlook maintained.

It upgraded Raiffeisen Bank Hungary's long-term deposit rating to "Baa1" from "Baa2" with the stable outlook maintained and affirmed K&H Bank's and Erste Bank Hungary's "Baa1" long-term deposit ratings, also with the stable outlook maintained.

ADVERTISEMENT

Varga puts 2021 GDP growth at 7-7.5% Analysis

Varga puts 2021 GDP growth at 7-7.5%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.