Moody's changes Hungarian banking system outlook to stable

Banking

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Moody's Investors Service on Thursday said it changed the outlooks of five European banking systems - Hungary, Finland, Norway, Portugal and Slovakia - to stable from negative, reflecting stronger economic conditions as the regions recover from the coronavirus pandemic, according to a report by state news wire MTI.

Moody's changed the outlook of these banking systems to negative from stable on April 16 last year, reflecting expectations that these countries would experience a sharp contraction to economic growth.

We expect that any asset deterioration in banks' asset risk will be moderate and that their profits will pick up as European economies recover following a sharp fall in real GDP during the coronavirus crisis," Moody's said.

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