Following a review of Magyar Takarekszovetkezeti Bank ZRt. (Takarekbank) under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have affirmed our 'BB/B' long- and short-term ratings on Takarekbank. The outlook is stable. Our ratings on Takarekbank reflect the bank's 'bb' anchor, as well as its weak business position, moderate capital and earnings, adequate risk position, average funding, and strong liquidity. The long-term rating is two notches higher than the stand-alone credit profile, reflecting our view of Takarekbank's strategic importance to, and expected support from its majority owners, the Integrated Savings Cooperatives, which include the National Association of Savings Cooperatives. The stable outlook reflects our opinion that Takarekbank and the savings cooperatives' financial profiles will likely remain
