...January 30, 2023 - On Jan. 27, 2023, S&P Global Ratings lowered its ratings on Hungary to '###-/A-3' from '###/A-2' as persistently high inflation, exchange rate volatility, and external pressures challenge the government's fiscal consolidation plan and ongoing disagreements with the EU delay funds. - We continue to cap our issuer credit ratings on OTP Bank at the level of our foreign currency sovereign ratings on Hungary, because we consider it unlikely that the bank would have sufficient capital resources to withstand a hypothetical sovereign default scenario and avoid a default on its senior preferred instruments. - We therefore lowered our issuer credit ratings on OTP Bank and its core subsidiary OTP Mortgage Bank to '###-/A-3' from '###/A-2'. - The stable outlook reflects our expectation that OTP will maintain its sound business and financial profiles amid a challenging operating environment. FRANKFURT (S&P Global Ratings) Jan. 30, 2023--S&P Global Ratings today lowered its long- and...
