Moody's lowers MAV

Moody's Investors Service said it has downgraded the corporate family rating of MAV Zrt Hungarian State Railways to Baa2 from Baa1.

The outlook is stable.

According to the agency, the rating action follows the recent downgrade of Hungarian's sovereign rating to A3 from A2 with negative outlook.

Moody's said it rates MAV in accordance with its rating methodology for government related issuers, thus the current ratings reflect a combination a baseline credit assessment of 14, A3 local currency rating of the Hungarian government, high dependence and high support.

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