Fitch: Eximbank, MFB, K&H revised to positive

Ratings

Fitch Ratings yesterday affirmed the Long-term Issuer Default Ratings (IDRs) of the Hungarian Export Import Bank (Eximbank) and the Hungarian Development Bank (MFB) at “BB+” and of Kereskedelmi és Hitelbank Zrt. (K&H) at “BBB-”, revising the outlook for the state-owned bank from stable to positive.

Both Hungarian state-owned Eximbankʼs and MFBʼs IDRs are equalized with those of the Hungarian sovereign, reflecting Fitchʼs view of a moderate probability of state support for either bank, if required, the ratings agency said.

K&Hʼs IDRs and Support Rating reflect Fitchʼs opinion that there is a high probability that it would be supported, if required, by its sole shareholder, Belgiumʼs KBC Bank, it added.

The ratings actions follow Fitchʼs revision of the outlook for Hungaryʼs sovereign rating from stable to positive on May 22.

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