S&P ups Magyar Eximbank

S&P said it raised its foreign and local currency issuer credit ratings on Magyar Export-Import Bank (Magyar Eximbank) to BBB/A-2 from BBB-/A-3. The outlook is stable.

The upgrade reflects the similar action S&P took on Hungary.

“We base our long-term rating on Magyar Eximbank on our opinion of its status as a government-related entity (GRE) with an almost certain likelihood of receiving extraordinary support from the Hungarian government in the event of financial difficulties,” S&P said in a news release.

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