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Finance Minister: Two weeks, three favourable credit rating agency decisions

Fitch Ratings has affirmed Hungary's investment grade sovereign rating, after Moody's and Scope Ratings did the same, Finance Minister Mihaly Varga said in a post on Facebook late Friday.

Varga said Fitch expected the Hungarian economy to grow at an accelerated pace this year and next. All forecasts point to Hungary being a frontrunner in the growth ranking in the coming year, he added.

“In its assessment, Fitch notes the stability of the banking sector, the improvement in our external position and the strong labour market as positive factors,” Varga said.

Fitch’s experts expect the government to continue reducing the budget deficit and public debt levels in the long term, while inflation remains low, he added.

“Despite the war raging in neighbouring Ukraine and the weakening of the European Union economy, all three big credit rating agencies continue to put Hungary in the investment grade category. That means Hungary is two notches higher than at the beginning of the last decade,” Varga said.

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