Moody's upgrades Hungarian banks' credit ratings

Ratings

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Moody's Investors Service upgraded five Hungarian banks' credit ratings on Tuesday, according to a report by state news wire MTI.

Moody's said the ratings actions were prompted by the agency's change of Hungary's Macro Profile to "Moderate" from "Moderate-" as well as Moody's expectation of a strengthening of the banks' financial fundamentals, mainly a recovery of their profitability in 2021 on the back of sizeable growth opportunities in the domestic economy and resilience of their asset quality.

The agency upgraded Budapest Bank's and MKB Bank's long-term deposit ratings to "Ba1" from "Ba2" with the positive outlook maintained.

It upgraded Raiffeisen Bank Hungary's long-term deposit rating to "Baa1" from "Baa2" with the stable outlook maintained and affirmed K&H Bank's and Erste Bank Hungary's "Baa1" long-term deposit ratings, also with the stable outlook maintained.

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