Moody's may lower OTP Bank

Moody's Investors Service said it has placed on review for possible downgrade the B- financial strength rating of Hungary's OTP Bank and the B- financial strength rating of its 100% owned subsidiary, OTP Mortgage Bank.

Affirmed were the A1 foreign currency bank deposit rating with a negative outlook, the A1 local currency bank deposit rating with a stable outlook and the A2 subordinated debt rating with a stable outlook.

This rating action results from OTP's plan to acquire Raiffeisenbank Ukraine, which is unrated, Moody's noted.

The bank has also announced that it wants to further strengthen its non-Hungarian franchises via further acquisitions.

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