Fitch rates Hungarian Erste notes BBB+

Fitch Ratings said it assigned Erste Bank Hungary Zrt.'s upcoming senior preferred bonds, expected to be euro-denominated with a call option, an expected BBB+ rating. The planned issue size is €250 million.

“EBH's SP debt is rated in line with the bank's long-term issuer default rating (IDR) reflecting average recovery prospects on the bank's SP debt. This reflects our expectations that EBH's resolution buffers under minimum requirement for own funds and eligible liabilities (MREL) will comprise both SP and more junior debt instruments as well as equity,” Fitch said in a press release.

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