Hungary's economy is stabilizing, and we have revised up our average GDP growth expectations for 2014-2015 to about 2%. In our view, OTP Bank has significant buffers to absorb anticipated asset quality deterioration in some of its overseas operations and further one-time costs in Hungary without it affecting the current ratings. We are therefore revising our outlook on OTP Bank and OTP Mortgage Bank to stable from negative and affirming our 'BB/B' ratings on the two banks. The stable outlook reflects our outlook on Hungary, as well as our expectation that the banks' business and financial profiles will remain relatively unchanged over the next 12 months. On June 20, 2014, Standard&Poor's Ratings Services revised its outlook on OTP
