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Moody?s ups OTP?s ranking

Credit rating agency Moody?s upgraded the deposits and financial strength of Hungary?s OTP Bank Rt from A2/C+ to A1/B-. According to the report, OTP is among the most profitable financial institutions in Europe with a moderate risk profile. OTP agreed with BNP Paribas yesterday regarding a Euro 1 billion bond issue. The rating of OTP Mortgage Bank Rt has also improved, with a drop in mortgage bond rates expected as a result.