OTP Bank Caps Worst Week in 4 Months on S&P Cut: Budapest MoverAndras Gergely
OTP Bank Nyrt., Hungary’s largest lender, had its biggest weekly slump in four months after Standard & Poor’s revised the outlook on the bank’s and the country’s credit ratings to negative from stable.
The shares fell 1.8 percent to 4,450 forint by the close in Budapest, extending the decline in the past five days to 4.3 percent, the biggest such drop since Nov. 23. The benchmark BUX stock index, in which OTP has the biggest weighting at 33 percent, slid 1.4 percent, down 1.9 percent in the week.
S&P kept Hungary’s rating at BB, two levels below investment grade, according to a statement published after the end of trading yesterday. The rating company issued the same statement for OTP’s own ratings today, citing the change on the sovereign.