LONDON (Standard&Poor's) Aug. 5, 2004--Standard&Poor's Ratings Services said today it assigned its 'BB+/B' counterparty credit ratings to Hungary-based Magyar Takarékszövetkezeti Bank Rt. (Bank of Hungarian Savings Co-operatives Ltd.; Takarékbank). The outlook is stable. The ratings on Takarékbank are based on the bank's relatively humble position in an increasingly competitive market; concentration risks on the savings cooperatives and the municipalities sectors; poor, albeit improving, profitability; and vulnerability to market risk in a volatile economic environment. The ratings also reflect the potential for tighter cohesion with the 159 savings cooperatives that are members of the National Association of Savings Co-operatives (OTSZ). Closer integration with the savings cooperatives, which gained a majority stake in Takarékbank in April 2004, could
