S&P upgrades Takarékbank rating to ‘BB’

Ratings

Standard and Poorʼs Ratings Services yesterday said it raised its long-term counterparty credit rating on Hungaryʼs Magyar Takarékszövetkezeti Bank (Takarékbank) – the “central bank” for the countryʼs recently integrated savings cooperative sector – to  ‘BB’ from ‘BB-’ and affirmed the ‘B’ short-term rating.

The outlook for the rating is stable, a report from S&P said.

“We believe Takarékbank is highly integrated within the saving cooperatives group following the recent restructuring and we therefore now assess its group status as core,” the report said. “The stable outlook reflects our expectation that the groupʼs financial and business profile under the more integrated new structure will remain stable over the next two years,” it added.

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