Our ratings on MBH Investment Bank (MBHI) are based on its strategic importance to its parent, Hungary-based MBH Bank Group (MBH), which we expect to support MBHI under any foreseeable circumstances. MBH has made substantial progress merging its brand marketing and IT. As a result, we think execution risks have reduced. We therefore affirmed our 'BB+/B' long- and short-term issuer credit ratings on MBHI. The positive outlook reflects MBHI's integral part in the MBH group and the likelihood that earnings retention and risk reduction will enable the group to strengthen its capitalization more materially over the next year. On July 26, 2023, S&P Global Ratings affirmed its 'BB+/B' long- and short-term issuer credit ratings on Hungary-based MBH Investment Bank. The
