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S&P affirms Eximbank ratings at ʼBB+/Bʼ

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American financial services company Standard & Poorʼs (S&P) yesterday announced it affirmed its ʼBB+ʼ long-term and ʼBʼ short-term issuer credit ratings on Hungaryʼs official state export credit agency, Magyar Export-Import Bank, Hungarian news agency MTI reported. S&P said that the outlook is stable.

"We equalize our long-term rating on Hungary Eximbank with the ʼBB+ʼ long-term sovereign credit rating on Hungary, given our view of the bank as a government-related entity and our opinion that there is an almost certain likelihood that the Hungarian government will provide timely and sufficient extraordinary support to Hungary Eximbank in the event of financial distress," S&P reportedly said in a statement.

The financial services company said that the bank has a "critical role" in supporting Hungarian exports as well as the governmentʼs statutory guarantee of the bankʼs liabilities and the inclusion of losses on the bankʼs interest rate mismatches and supported loans in the governmentʼs budget, MTI added.

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