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Apr 17, 2020

Moody’s changes Hungary's outlook in light of pandemic

Moody’s Investors Service has announced it changed the outlook on Hungary’s banking system to negative from stable.

Moody’s Investors Service has announced it changed the outlook on Hungary’s banking system to negative from stable.

Moody’s took the action after reviewing the outlooks of nine European banking systems in light of the coronavirus pandemic.

The change in the outlook “reflects our expectation … of a sharp contraction in economic growth. Banks’ profitability will weaken due to rising loan loss provisions and reduced lending growth,” a statement read.