S&P lowers Magyar Export-Import view to negative

Standard & Poor's said it revised the outlook on Magyar Export-Import Bank to negative from stable.

S&P also said it affirmed the bank's BB/B long- and short-term issuer credit ratings.

The ratings are equalized with the sovereign ratings on Hungary, the agency said.

This reflects an almost certain likelihood that the Hungarian government will provide timely and sufficient extraordinary support to the bank if needed, S&P said.

The ratings also reflect the critical role in supporting Hungarian exports, which is key to national economic development given the country's openness and trade dependence, the agency said.

The bank also benefits from state guarantees for both its on-balance sheet and off-balance-sheet liabilities, S&P said.

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