Fitch ups Hungarian banks to stable

Fitch Ratings said it revised Hungarian CIB Bank Zrt and Kereskedelmi es Hitelbank Zrt's outlooks to stable from negative and affirmed their long-term issuer default ratings at A- and short-term issuer default ratings at F2. Fitch revised the outlook on OTP Bank plc's subsidiary OJSC OTP Bank to stable from negative.

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

The rating actions follow the revision of the outlook on Hungary's to stable from negative, the agency said.

CIB is fully owned by Italy's Intesa Sanpaolo (AA-/stable) and Kereskedelmi is fully owned by Belgium's KBC Bank (A/stable). Their issuer default ratings reflect the extremely high probability that support would be provided by their parents if necessary, the agency said.

CIB's long-term issuer default rating is constrained by the country ceiling for Hungary, the agency added.

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