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MKB Bank cancels contract with Moody's after downgrade

MKB Bank on Wednesday said it cancelled its contract with Moody's Investors Service because of differences over the ratings agency's assessment. Moody's assessment of MKB Bank does not reflect the bank's situation at present, the implementability of its mid-term strategy or support from its owner, the bank said. Moody's downgraded MKB Bank, along with Budapest Bank, K&H Bank and Erste Bank Hungary, late on Tuesday because of the "increasingly weak economic and operating environment in Hungary and the subsequent negative implications this has on...asset quality and profitability".