OTP Bank on Monday said Moody’s Investors Service concluded a review for downgrade on ratings initiated on October 4, 2011 and affirmed the ratings of OTP Bank and OTP Mortgage Bank.
The foreign currency senior unsecured debt rating of OTP Bank is “Ba1”, its foreign currency subordinated debt rating (Lower Tier 2) is “Ba2″, and its foreign currency subordinated debt rating (Upper Tier 2) is ‘Ba3 (hyb)”. Its local currency and foreign currency deposit ratings are “Ba1/Not-Prime” and “Ba2/Not-Prime”, respectively. The latter corresponds to the country’s foreign currency deposit ceiling.
The “D+” Bank Financial Strength Rating remained unchanged.
“The outcome reflects the bank’s relative resilience in the face of the euro-area crisis and the benefits of its international diversification,” OTP Bank said.
The Local currency and foreign currency deposit ratings of OTP Mortgage Bank were affirmed at “Ba1/Not-Prime” and “Ba2/Not-Prime”.
The “D+” Bank Financial Strength Rating remained unchanged.
The outlook on all the ratings is negative.
