Moody’s upgrades MKB deposits

Moody's Investors Service said it upgraded the long-term local and foreign-currency deposit ratings of MKB Bank Zrt to B2 from B3.

Concurrently, the bank's baseline credit assessment (BCA) and adjusted BCA were upgraded to caa1 from caa2 and its long-term counterparty risk assessment was upgraded to B1(cr) from B2(cr).

The outlook on the long-term deposit ratings remains stable.

MKB's short-term Not Prime deposit ratings and Not Prime(cr) counterparty risk assessment are unaffected.

Moody's said the upgrade primarily reflects the gradual improvement in the bank's financial fundamentals, albeit at still weak levels, particularly the continued reduction in problem loans and recovering profitability.

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