Moody's downgrades Jelzalogbank

Moody's Investors Service said it lowered the long-term local-currency debt and deposit ratings of OTP Jelzalogbank Rt to Aa3 from Aa1 following the refinement of its bank rating methodology, which reduces the level of external support incorporated into bank deposit and debt ratings in order to give greater weight to intrinsic financial strength.

The agency also downgraded Jelzalogbank's forint-denominated bonds to Aa1 and Aaa.

This concludes the review for downgrade begun on April 3.

Moody's first implemented its bank financial strength ratings methodology and the application of joint default analysis for parental and systemic support into the bank's deposit and debt ratings in February.

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