On March 21, 2013, we revised the outlook on the long-term rating on the Republic of Hungary to negative from stable as we believe the functioning of certain oversight institutions may further undermine Hungary's institutional effectiveness. We are therefore revising the outlook on OTP Bank and its core subsidiary, OTP Mortgage Bank, to negative from stable and affirming the 'BB/B' ratings on both entities. The negative outlook reflects that on the sovereign and our expectation that the banks' business and financial profiles will remain under pressure over the next 12 months. A further negative rating action on Hungary would lead to the same rating action on the two banks. LONDON (Standard&Poor's) March 22, 2013--Standard&Poor's Ratings Services
