Moody’s Investors Service on Wednesday said it confirmed the covered bonds of OTP Mortgage Bank at Baa3.

The confirmation of OTP’s covered bonds at Baa3 follows the confirmation of the Ba1/Not-Prime senior unsecured rating of OTP Bank by Moody’s Financial Institutions Group on December 16, Moody’s said. OTP Bank provides a full, irrevocable and unconditional guarantee of OTP Mortgage Bank’s obligations, it added.

The covered bonds of OTP Mortgage Bank were previously placed on review for downgrade on October 5.