Following a review of OTP Bank and its core subsidiary OTP Mortgage Bank under our revised bank criteria (published on Nov. 9, 2011), we have kept the 'BBB-/A-3' ratings on both entities on CreditWatch negative. Our ratings on OTP Bank reflect the bank's 'bb+' anchor, as well as its strong business position, adequate capital and earnings, adequate risk position, average funding, and adequate liquidity. The negative CreditWatch placement reflects that on Hungary. As we previously announced on Dec. 13, 2011, Standard&Poor's Ratings Services has kept its 'BBB-/A-3' long- and short-term counterparty credit ratings on OTP Bank (OTP) and its core subsidiary OTP Mortgage Bank on CreditWatch with negative implications, where they were placed on Nov. 15, 2011. The
