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Moody's upgrades FHB forint-denominated bonds to Aa2

The international rating agency Moody's said on Tuesday it has upgraded all forint-denominated covered bonds issued by Hungary's Land Credit and Mortgage Bank (FHB) Rt to Aa2 from A1. The ratings of foreign currency denominated covered Bonds remain at A1, Moody's said, adding that these ratings would be Aa2 if not constrained by the foreign-currency-related risk for Hungary.
This is the first rating exercise Moody's has completed under its revised covered bond methodology. The ratings have been reached following a review of both the Hungarian Covered Bond law and the collateral backing the cover pool.