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Moodyʼs withdraws Takarék Mortgage Bankʼs 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Moodyʼs Investors Service has withdrawn the Ba3 local and foreign currency long-term deposit ratings and b1 Baseline Credit Assessment (BCA) and adjusted BCA of Takarék Mortgage Bank Co. Plc.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Concurrently the rating agency has withdrawn the bankʼs Ba2 local and foreign currency long-term Counterparty Risk Ratings (CRRs), as well as the bankʼs local and foreign currency Not Prime short-term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.