Russia-Ukraine war: Key developments on the weekend
On increased risk of default
Rating at Moody's close to selective default status
Near-term effect is limited, though
Changes outlook to stable from positive
Following upgrade of Hungary's bond rating to Baa2
Move was on the cards due to positive outlook
Following the upgrade of Hungary’s macro profile
Upgrades some ratings and outlook for MKB Bank and Budapest Bank
But pandemic does pose risks
They trust there will be a deal, though
And affirms the rating of the Hungarian capital
Move follows affirmation of sovereign rating
Affirms Baa3 ratings in a surprise move
Credit rating agency publishes annual country report
But rebound is to be quick
Adverse scenario projects 4-6% recession, budget gap over 5% of GDP
As coronavirus strains asset quality and profitability
Reduction of EU funds in next MFF would be credit negative
Impact could be severe