Moody's affirms OTP Mortgage Bank

Moody's Investors Service said it affirmed the Baa1 long-term deposit rating and the prime-2 short-term deposit rating of OTP Mortgage Bank, the wholly owned mortgage-lending subsidiary of OTP Bank, which has Baa1, prime-2 and D+ ratings with a negative outlook. The bank financial strength rating of D+ is unaffected.

The outlook remains negative.

The affirmation follows the issuance of a full, irrevocable and unconditional guarantee on all its deposits, along with senior and covered bond obligations by OTP Bank, Moody's said.

The ratings also take into consideration OTP Mortgage Bank's high level of operational and strategic integration with OTP Bank, as evidenced by the fact that they share the same brand name, the agency said.

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