Fitch Ratings has affirmed Eximbank's long- and short-term issuer default rating (IDR) at 'BBB/F-2' with a negative outlook on June 19. The rating is in line with Hungary's sovereign rating.
The credit institution plays a strategic role in Hungary's export financing and provides counter-cyclical support to domestic companies.
Eximbank's senior unsecured bond also has a 'BBB' rating. The capital adequacy ratio of 18.8% continues to provide a substantial buffer above the regulatory minimum requirement, Fitch said.
According to its annual report, the state-owned lender reported HUF18.5bn (€47mn) in profit. Total assets of the bank reached HUF3.6 trillion at the end of December, up 74% year on year. Eximbank's loan book and stock of corporate loans grew 50% to HUF2.4 trillion, a 2.5-fold increase compared to 2022. New outlays and bond subscriptions reached HUF1.4 trillion.
