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Leminősítés - Standard & Poor's Dec. 20, 2013

MOL Hungarian Oil and Gas Downgraded To 'BB' On Ongoing Uncertainty Over INA Stake; Off Watch; Outlook Stable

The disagreement between the Croatian government and MOL Hungarian Oil

and Gas PLC (MOL) regarding strategic issues at Croatia-based oil company

INA is ongoing. We understand that negotiations continue regarding MOL's

49% stake in INA.

We believe that continued uncertainty regarding the unresolved situation

with the Croatian government is negative for MOL's creditworthiness.

We are therefore lowering our long-term corporate credit ratings on MOL

and related entities to 'BB' from 'BB+' and removing them from

CreditWatch negative.

The stable outlook on MOL reflects our view that the group's operating

performance will continue to be supported by upstream prices, which will

allow the group to maintain adjusted funds from operations to debt of

more than 25%.

LONDON (Standard & Poor's) Dec. 20, 2013--Standard & Poor's Ratings Services

said today that it lowered to 'BB' from 'BB+' its long-term corporate credit

ratings on MOL Hungarian Oil and Gas PLC (MOL) and related entities. At the

same time, we removed the ratings from CreditWatch, where we placed them with

negative implications on Oct. 11, 2013. The outlook is stable.

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