S&P lifts Hungary Eximbank

S&P said it raised the long-term issuer credit ratings on Magyar Export-Import Bank (Hungary Eximbank) to BBB- from BB+, along with its short-term issuer credit rating to A-3 from B.

The outlook is stable.

The agency also said it equalized the long]term rating on Hungary Eximbank with the sovereign credit rating on Hungary given a view of the bank as a government]related entity and an opinion that there is an almost certain likelihood that the Hungarian government will provide timely and sufficient extraordinary support if needed.

The bank plays a critical role in supporting Hungarian exports, which is a key policy objective and crucial to national economic growth due to the country's openness and trade dependence, S&P said.

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