BUSINESS

S&P downgrades Erste’s outlook

The financial rating agency Standard & Poor’s (S&P) downgraded Erste’s outlook from stable to negative, given the problems in Hungary and the slow recovery of the Romanian economy, but confirmed the Austrian group’s long-term and short-term credit ratings. The long-term credit rating was maintained at “A”, while the short-term loan one was confirmed at “A-1”, according to a release by S&P. The group’s individual rating was downgraded from “a-“ to “bbb+”.

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