Fitch lifts OTP Bank to stable

Fitch Ratings said it affirmed OJSC OTP Bank's long-term issuer default ratings at BB, short-term foreign-currency issuer default rating at B, long-term local-currency issuer default rating at BB and national rating at AA-(rus).

The agency also affirmed the long-term rating on its bank's senior unsecured debt at BB and national rating on its senior unsecured debt at AA-(rus).

The agency also revised its outlook to stable from negative.

The affirmations reflect an opinion that the Hungarian government would likely have a high propensity to support the bank if needed, in light of its systemic importance in the banking sector, Fitch said.

However, the agency also said it believes that the bank is unlikely to require such support in the short- to medium-term given the bank's generally sound and stable credit profile.

The outlook revision reflects the stabilization of the bank's asset quality metrics and of the macroeconomic environment in Hungary, Fitch said.

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