Moody’s upgrades rating of Hungarian banking system

We expect that any deterioration in banks' asset risk will be moderate and that their profits will pick up as European economies recover following a sharp fall in real GDP during the coronavirus crisis,

said Louise Lundberg, a Moody's Vice President and Senior Credit Officer.

The countries involved are Hungary, Finland, Norway, Portugal and Slovakia. Moody’s changed the outlook for these five banking systems to negative on 16 April, 2020, citing the expected recession due to the coronavirus pandemic.