S&P affirms MDM Bank

Standard & Poor's said it has affirmed its BB long-term and B short-term counterparty credit ratings on MDM Bank.

The outlook is stable.

According to S&P, the ratings reflect MDM's funding vulnerability due to still high single-name concentrations in customer deposits, its material exposure to the construction and real estate sectors and its relatively volatile earnings track record.

These negative factors are mitigated by MDM's sustained commercial and financial performance and consistent progress in reducing single-name lending concentrations, the agency noted.

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