ADVERTISEMENT

Moodyʼs withdraws Takarék Mortgage Bankʼs ratings

Ratings

Moodyʼs Investors Service has withdrawn the Ba3 local and foreign currency long-term deposit ratings and b1 Baseline Credit Assessment (BCA) and adjusted BCA of Takarék Mortgage Bank Co. Plc. (TMB), as of September 6, 2019, the ratings agency told the Budapest Business Journal.

Concurrently the rating agency has withdrawn the bankʼs Ba2 local and foreign currency long-term Counterparty Risk Ratings (CRRs), as well as the bankʼs local and foreign currency Not Prime short-term ratings and its Ba1/Not-Prime Counterparty Risk Assessments (CRAs). The bankʼs deposit ratings had a positive outlook at the time of withdrawal.

Moodyʼs has decided to withdraw the ratings because it believes it has insufficient or otherwise inadequate information to support their maintenance.

Moodyʼs withdrawal also follows the mortgage bankʼs shareholdersʼ decision on August 27 to sell its 51% stake in Takarék Commercial Bank (formerly FHB Bank), its fully licensed commercial bank subsidiary, to MTB Magyar Takarékszövetkezeti Bank Zrt.

Takarék Mortgage Bank unilaterally terminated Moodyʼs credit rating on bonds it issues as of March 31, 2019, noted state news agency MTI.

ADVERTISEMENT

Average age of coronavirus patients declining Analysis

Average age of coronavirus patients declining

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Budapest airport shuttle bus service expanded City

Budapest airport shuttle bus service expanded

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
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.