The downgrade of Hungary’s ratings from BBB+ to BBB and change in the Outlook from Negative to Stable drives the downgrade of MFB’ ratings and Outlook.

The Outlook revision on Hungary’s BBB+ rating from Stable to Negative drives the Outlook change for MFB. The bank’s ratings are aligned with the sovereign given the explicit, irrevocable and statutory guarantee provided on MFB’s financial obligations.

The rating reflects the explicit, direct and irrevocable statutory funding guarantee from Hungary (BBB+/Stable) of MFB’s financial obligations

The rating reflects the guarantees on MFB’s obligations and financial support provided by the Hungarian state (BBB+/Stable), which strengthen the bank’s liquidity and capital position.