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Moody’s confirms OTP Mortgage Bank covered bonds at Baa3

Moody’s Investors Service on Wednesday said it confirmed the covered bonds of OTP Mortgage Bank at Baa3.

The confirmation of OTP’s covered bonds at Baa3 follows the confirmation of the Ba1/Not-Prime senior unsecured rating of OTP Bank by Moody’s Financial Institutions Group on December 16, Moody’s said. OTP Bank provides a full, irrevocable and unconditional guarantee of OTP Mortgage Bank’s obligations, it added.

The covered bonds of OTP Mortgage Bank were previously placed on review for downgrade on October 5.