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Booming Mortgage Finance Drives Hungarian Credit Growth Mar 03
Standard & Poors, March 2003
Abstract
Significantly increased activity in the residential property finance market is one of the most dynamic features of the financial sector in Hungary (local currency, A/Stable/A-1; foreign currency, A-/Stable/A-2) today. The factors driving this activity are economic growth, lower interest rates, increasing wealth of individuals, the extension of the government's loan subsidy program, and lending expansion policies by many of the Hungarian commercial banks. The Hungarian housing sector is overwhelmingly private-owner occupied. Private individuals in Hungary, however, as with other Central European countries, lack a well-entrenched credit culture. Standard & Poor's is cautiously noting the rapidly growing mortgage credit market in Hungary, in what is a relatively new business line for many banks. Evaluating the impact and the sustainability of such...
Companies mentioned in this report are: Republic of Hungary,K&H Bank (Unsolicited Ratings),OTP Bank PLC,Central-European International Bank Ltd. (Unsolicited Ratings),KBC Bank N.V.,UniCredit Bank AG
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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