Finance Minister Mihaly Varga – Photo: MTI

Ministry welcomes S+P’s affirmation of Hungary’s ‘BBB’ rating

The finance ministry has welcomed S+P Global Ratings' affirmation of Hungary's 'BBB' sovereign rating with a stable outlook, calling it an acknowledgement of the resilience the Hungarian economy had shown this year.

In a statement on Saturday, the ministry cited S+P’s analysts as highlighting the contribution of Hungary’s effective vaccination rollout to the country’s pandemic response and economic recovery.

The ministry cited S+P as saying that Hungary’s rating could be upgraded if economic growth continues to outpace peers’ without engendering overheating or external balances, and if public finances are consolidated more quickly than projected.

In a scheduled review on Friday, S+P’s analysts projected Hungary’s economy would grow 6.1 percent this year and 5.3 percent in 2022.

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