Fitch downgrades K&H to 'A' on Hungary's downgrade

Ratings

Fitch Ratings has today downgraded K&H Bank Rt's long-term rating to 'A' from 'A+'. The rating action follows yesterday's downgrade of the Hungarian sovereign long-term rating to 'BBB+' from 'A-' (A minus) and "Country Ceiling" to 'A' from 'A+'. Following the downgrade, K&H's outlook is now referred to as "stable".
The long-term, short-term and support ratings of K&H Bank are based on the potential support available from its 59% shareholder, KBC Bank, rated 'AA-' (AA minus). With total assets of Ft 1,733 billion at end-2004, K&H is the country's second largest banking group with a market share of around 13% in the corporate sector, where the bank has a strong franchise. The bank has operated in its current form since its merger in 2001 with ABN AMRO Magyar Bank, the Hungarian subsidiary of ABN AMRO. ABN AMRO remains a 40% shareholder of K&H Bank.

ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.