FRANKFURT (Standard&Poor's) Oct. 2, 2009--Standard&Poor's Ratings Services said today that the outlook revision to stable from negative on the Republic of Hungary (BBB-/Stable/A-3) does not materially change our view on the six Hungary-based banks that we rate. These are: OTP Bank Rt. and its core subsidiary OTP Mortgage Bank (both rated BB+/Negative/B); Magyar Takarekszovetkezeti Bank Rt. (BB/Negative/B); Central - European International Bank Ltd. (BBB-pi); K&H Bank (BBB-pi); and MKB Bank ZRT (BBpi). Our outlook revision on the sovereign reflects our view that sustained consolidation efforts will contain the deterioration in the Hungarian government deficit despite the downside pressures on the economy. Our most immediate concerns regarding the credit quality of rated Hungarian banks are currently somewhat
