OTP Bank’s Ratings Affirmed ; Outlook Revised to Negative
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Summary
Ref: HU00721 CRA00- 0 1 30 September 2022
OTP Bank’s Ratings Affirmed ; Outlook Revised to Negative
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Long-Term Foreign Currency Rating ( LT FCR ) and Bank Standalone Rating ( BSR ) Outlook of OTP Bank (OTP) to Negative from Stable. At the same time, CI Ratings has affirmed the Bank’s LT FCR and Short-Term Foreign Currency Rating ( ST FCR ) at ‘BBB’ and ‘A2’, respectively. OTP’s BSR of ‘bbb’ and Core Financial Strength ( CFS ) rating of ‘bbb+’ have also been affirmed. The Extraordinary Support Level ( ESL ) remains Uncertain.
The revision of the Outlook to Negative follows a recent change in CI’s internal assessment of sovereign credit risk for Hungary to reflect the worsened op erating environment in the country due to the war in Ukraine and its adverse impact on the economy . This, in turn, will…