On Nov. 23, 2012, we lowered the long-term rating on the Republic of Hungary to 'BB', owing to the continued weakening of the predictability of Hungary's policy framework, which in our view could affect the country's medium-term growth prospects. We are therefore lowering the long-term ratings on OTP Bank and OTP Mortgage Bank, its core subsidiary, to 'BB' from 'BB+'. The stable outlook reflects that on the sovereign and our expectation that OTP Bank's business and financial profile will remain relatively unchanged over the next 12 months. A further negative rating action on Hungary would lead to the same rating action on OTP Bank and OTP Mortgage Bank. LONDON (Standard&Poor's) Nov. 27, 2012, Standard&Poor's Ratings Services
