Reflecting challenges, that MBH Bank Nyrt--the parent of MBH Investment Bank Co. Ltd. (MBHI)--faces over the coming 12 months, we no longer expect a material improvement in MBHI's creditworthiness, which we view as fully reliant on that of its parent. We therefore revised to stable from positive our outlook on MBHI. The stable outlook reflects our view that MBHI, as part of the MBH group, will continue its transformation over the next 12 months, progressing on the restructuring, focusing on the integration of recent acquisitions, and upgrading its risk management to address recent regulatory findings. On July 9, 2024, S&P Global Ratings revised to stable from positive its outlook on the long-term rating on MBH Investment Bank Co. Ltd. (MBHI).
