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S&P raises ratings of OTP, OTP Mortgage Bank to ʼBBB/A-2ʼ

S&P Global Ratings on Monday said it raised its long- and short-term issuer credit ratings (ICRs) on Hungaryʼs OTP Bank and its unit OTP Mortgage Bank to "BBB/A-2" from "BBB-/A-3", state news wire MTI reports.

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At the same time, S&P affirmed its ʼBBB-/A-2ʼ long- and short-term resolution counterparty ratings (RCR) on both banks. The outlooks are stable.

Hungary has had a foreign currency long-term debt rating of "BBB" from Standard and Poorʼs since February 2019, with a stable outlook.