We believe that increased pressure on Hungary-based Magyar Takarekszovetkezeti Bank ZRt.'s capital position is offset by our expectation of extraordinary support from the bank's majority owner, the Integrated Savings Cooperatives. We are revising our assessment of Takarekbank's stand-alone credit profile to 'b' from 'b+', to reflect the deterioration of the bank's capitalization according to our measures. At the same time our long-term rating on Takarekbank now benefits from three notches of uplift, reflecting the bank's unchanged "strategically important" status as a subsidiary of the cooperatives. We are affirming our 'BB/B' long- and short-term issuer credit ratings on Takarekbank. The outlook is negative, reflecting that on Hungary as well as our belief that the financial profiles of Takarekbank and the cooperatives
