FRANKFURT (Standard&Poor's) Nov. 17, 2008--Standard&Poor's Ratings Services said today it lowered its long- and short-term counterparty credit ratings on Hungary-based OTP Bank Rt. (OTP) and OTP Mortgage Bank to 'BBB/A-3' from 'BBB+/A-2' and removed them from CreditWatch, where they were placed with negative implications on Oct. 16, 2008. The outlook on both banks is negative. This rating action follows the lowering of the sovereign credit ratings today on the Republic of Hungary to 'BBB/A-3' from 'BBB+/A-2'. "Our rating action also takes into account the increasing economic risks prevalent in Hungary and their effect on OTP and OTP Mortgage Bank's creditworthiness, particularly asset quality," said Standard&Poor's credit analyst Annette Ess. The downgrade of the sovereign
