Moody's: OTP Bank to stable, local view to negative

Moody's Investors Service said it affirmed OTP Bank (Ukraine)'s Ba1/not-prime long-term and short-term local-currency bank deposit ratings, B3/not-prime long-term and short-term foreign-currency bank deposit ratings and Aa1.ua national scale deposit rating.

The outlook was changed to stable from negative, while the outlook on local-currency deposit ratings has changed to negative from stable.

The affirmation follows an assessment of the bank's audited financial statements for 2010, Moody's said.

The outlook change also reflects improvement in asset quality as well as a track record of sustainable performance amid challenging credit conditions in Ukraine, the agency said.

Moody's said it does not expect to witness a rapid recovery of the bank's profitability going forward, given limited lending opportunities in Ukraine against the background of intense competition in the corporate sector.

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