Mihaly Varga - Photo: MTI

Finance Minister welcomes Fitch affirmation of Hungary sovereign rating

In spite of the ongoing crisis caused by the war, credit rating agencies Standard and Poor's and Fitch Ratings both affirmed Hungary's investment-grade sovereign rating within the same week, Finance Minister Mihaly Varga said on Facebook on Saturday.

In the video, Varga cited Fitch as projecting high growth for Hungary and that the government will continue to reduce the budget deficit and the public debt and to push down inflation.

The minister said Fitch had acknowledged the stability of the country’s banking sector and the growing role of the private sector in debt financing.

“The analysis also points out that the country remains an attractive investment destination,” Varga said. “So Hungary closes out the year getting investment grade status from all three rating agencies and being rated two grades higher than at the beginning of the decade.”

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