Moody's rates OTP mortgage bonds A1

Moody's Investors Service said it assigned an A1 rating to the euro mortgage bond program of OTP Mortgage Bank. OTP is rated A2/prime-1/C+.

Moody's said OTP's A1 covered bond rating factors in the adoption in 2004 of self-imposed mortgage bond cover mechanisms which are now legal requirements since the law governing mortgage banks and mortgage bond issuance in Hungary was amended in June.

Moody's added that its rating approach for Hungarian covered bonds emphasizes the relative strengths of this instrument compared to unsecured obligations.

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