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Moody's lowers ratings on banks in Hungary following Monday gov't bond downgrade

Moody's Investors Service announced that it had lowered the debt and deposit ratings on eight banks in Hungary following its Monday downgrade of the country's foreign- and local-currency government bond ratings by two notches to Baa3 from Baa1, press agencies reported.

Moody's lowered the local- and foreign-currency deposit ratings on the following Hungarian banks: OTP Bank, OTP Mortgage Bank, K&H Bank, MKB Bank, Erste Bank Hungary, state-owned Hungarian development bank MFB and Budapest Bank.

Moody's has also confirmed the deposit ratings of FHB Bank.

The rating agency left the banks' Bank Financial Strength Ratings (BFSRs) unchanged. (MTI – Econews)