The change in Outlook reflects the ongoing resilience of the group's operating performance and the declining exposure to Hungarian sovereign risk.

The change in Outlook is driven by the weakening macroeconomic conditions in the CEE region and the group's high exposure to growing sovereign risk.

The affirmation reflects Scope's expectation that OTP will be able to manage the impacts from the turmoil in Eastern Europe.

The first-time issuer rating of BBB+ reflects OTP's resilient business model and strong credit fundamentals.