Moody’s ups Hungarian, Polish covered bonds

Moody’s Investors Service said it upgraded the following covered bonds:

-Mortgage covered bonds issued by OTP Jelzalogbank Zrt. to A2 from Baa1

-Mortgage covered bonds issued by UniCredit Jelzalogbank Zrt. to A2 from Baa1

-Mortgage covered bonds issued by ING Bank Hipoteczny SA to Aa1 from Aa3

-Mortgage covered bonds issued by PKO Bank Hipoteczny SA to Aa1 from Aa3

-Mortgage covered bonds issued by mBank Hipoteczny SA to Aa2 from Aa3

The upgrades follow Moody’s revision of its country ceiling methodology, the agency said.

“Today’s rating action on the covered bond ratings referenced above follows Moody’s raising of Hungary’s local-currency and foreign-currency bond ceilings to A2 from Baa1 and Poland’s local-currency and foreign-currency bond ceilings to Aa1 from Aa3 on Dec. 7, which follows the methodology update,” the agency said in a press release.

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