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Moodyʼs affirms MKB Bankʼs Caa2 deposit ratings

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Moodyʼs Investors Service has today affirmed theCaa2 long-term deposit ratings of MKB Bank Zrt. (MKB) and changed the outlook on the ratings to positive from stable, according to a press release issued today.

 Moodyʼs has upgraded the bankʼs baseline credit assessment (BCA)/adjusted BCA to caa2 from ca and its long-term Counterparty Risk(CR) Assessment to B2(cr) from B3(cr), the press release added. The repositioning of the BCA at caa2 from ca follows Moodyʼs re-assessment of MKBʼs financial fundamentals after a period of loan book clean-up during the bankʼs resolution period.

MKBʼs short-term Not-Prime deposit ratings and Not-Prime(cr) CR Assessment have been affirmed.

The MKB ratings affirmation follows an announcement from the National Bank of Hungary that MKB, currently state-owned and in resolution since December 2014, was sold to a consortium of Hungarian and foreign investors. The sale is subject to regulatory approvals and is expected to be completed by end-June 2016. According to MNB, MKB will exit resolution upon completion of the bankʼs sale, the press release added.

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