Moody's cuts OTP Bank Russia

Moody's Investors Service said it downgraded to Ba2 from Ba1 the long-term local and foreign currency deposit ratings of OJSC OTP Bank (Russia) and simultaneously placed the ratings on review for further downgrade.

Moody's said the downgrade and the review for further downgrade on OTP Russia's long-term ratings follow the agency's recent announcement that it lowered OTP Russia's parent, OTP Bank (Hungary).

OTP Russia's Ba2 deposit ratings continue to incorporate a very high probability of parental support from OTP Bank (Hungary), and OTP Russia consequently receives a one-notch uplift from its Ba3 stand-alone credit strength, Moody's said.

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