Moodyʼs affirms MKB Bankʼs Caa2 deposit ratings
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.