Fitch affirms OTP Bank

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

The outlook is negative.

The ratings reflect the bank's systemic importance to the domestic banking system and the high probability of support that would likely be forthcoming from the Republic of Hungary if needed, Fitch said.

The bank faces a challenging operating environment in its domestic and major international markets, the agency said.

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