S&P ups OTP Bank

S&P said it upgraded the long-term issuer credit rating on OTP Bank plc and its core subsidiary OTP Mortgage Bank to BBB from BBB-.

“The upgrade of OTP follows our review of Hungary’s banking sector risks. We believe the banking system has successfully resolved many of its past shortcomings. In particular, we believe the sector’s funding profile, as a whole, is stronger now than a decade ago, since banks are now financing lending primarily with customer deposits. We believe this improvement is structural,” said S&P in a press release.

“We raised our long-term issuer credit rating on OTP by one notch amid reduced industry risks in Hungary, which led us to revise the anchor and stand-alone credit profile (SACP) upward to bb+,” S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.