Fitch ups four Hungarian banks

Fitch Ratings said it upgraded MFB Hungarian Development Bank plc's and Hungarian Export-Import Bank's long-term issuer default ratings to BBB- from BB+.

The agency also upgraded Erste Bank Hungary's and Kereskedelmi es Hitelbank Zrt's long-term issuer default ratings to BBB from BBB-.

The long-term issuer default rating of Hungarian CIB Bank Zrt was affirmed at BBB-.

All ratings have stable outlooks.

The actions follow the upgrade of Hungary's long-term issuer default rating to BBB- from BB+ with a stable outlook.

Fitch said the upgrades of state-owned MFB and Hungarian Export-Import reflect the improved ability of the government to provide extraordinary support, in case of need, as reflected in the upgrade of Hungary's long-term issuer default rating, while the propensity to support both banks remains strong.

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