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MOODY'S CHANGES OUTLOOK ON HUNGARY BANKING SYSTEM TO NEGATIVE

 

Moody’s Investors Service on Thursday said 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,” it added.