In our view, OTP Bank and its core subsidiary, OTP Mortgage Bank, have demonstrated strong financial resilience during a period of economic turbulence in Hungary and other markets in which OTP Bank operates. We have observed signs that economic prospects are improving in some of OTP Bank's key markets, with a material positive turnaround in the performance of the group's operations in Russia and Ukraine. We are therefore raising the ratings on both entities to 'BBB-/A-3'. The negative outlook reflects that on the Republic of Hungary. LONDON (Standard&Poor's) March 24, 2011--Standard&Poor's Ratings Services said today that it raised its long- and short-term counterparty credit ratings on Hungary-based OTP Bank PLC and its core subsidiary OTP Mortgage
