S&P revises Hungarian banks

Standard & Poor's said it took various negative rating actions on four Hungarian banks, following a downgrade of the Republic of Hungary.

The agency said it lowered the long- and short-term counterparty credit ratings on OTP Bank plc and its core subsidiary OTP Mortgage Bank to BB+/B from BBB-/A-3 and removed them from CreditWatch, where they were placed on Nov. 15. The outlooks on both banks are negative.

The agency said it lowered the long-term unsolicited public information rating on K&H Bank to BBpi from BBB-pi.

S&P said it affirmed the BB/B long- and short-term counterparty credit ratings on Magyar Takarekszovetkezeti Bank ZRt and revised the outlook to negative.

The ratings on the other Hungarian banks that S&P rates, Central-European International Bank Ltd. and MKB Bank ZRT, are unaffected by the rating actions, the agency said.

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