The stable outlook on Magyar Takarekszovetkezeti Bank ZRt. reflects that on Hungary, where the bank is headquartered, and Standard&Poor's Ratings Services' expectation that the business and financial profiles of both the bank and its majority owner, integrated savings cooperatives, will continue to show above-average resilience to the challenging operating environment in Hungary. The group, which includes Takarekbank and the integrated savings cooperatives, should continue to be less affected than private banks by Hungary's deteriorating economic and operating environment. This is because of the savings cooperatives and the bank's lower share of foreign currency lending to households than the system average, well-entrenched franchise of integrated savings cooperatives in rural areas, and consequent stronger funding and liquidity profile. We do
