Moody's takes actions on seven Hungarian banks

Moody's Investors Service said it took the following actions on seven Hungarian commercial banks:

• Downgraded FHB Mortgage Bank's long-term local and foreign-currency deposit ratings to Ba2 from Ba1 and MKB Bank's long-term local and foreign-currency deposit and debt ratings to Ba3 from Ba2;

• Downgraded the foreign-currency deposit ratings of OTP, OTP Mortgage Bank, K&H Bank, and Budapest Bank to Ba2/Not-Prime from Baa3/Prime-3. Erste Bank Hungary's long-term foreign-currency deposit rating was also downgraded to Ba2 from Ba1; and

• Downgraded OTP and OTP Mortgage Bank's local-currency deposit ratings to Ba1/Not-Prime from Baa3/Prime-3, OTP's foreign-currency senior debt rating to Ba1.

Moody's said the actions reflect its lowering of the Hungarian government debt rating to Ba1 and the country's foreign-currency deposit ceiling to Ba2, announced on Nov. 24.

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