Moody’s affirms Hungary Baa3 ratings, changes outlook to positive

Moody's Investors Service affirmed Hungary's Baa3 sovereign ratings and changed the outlook on the ratings to positive from stable at a scheduled review on Friday.

“The key drivers for the change in outlook to positive are the strong recent and prospective performance of the economy relative to Baa3- and Baa2-rated peers, with related improvements to the domestic and external debt position,” Moody’s said.

“While strong economic growth and government debt reduction have inevitably been derailed by the coronavirus crisis, the impact on Hungary’s credit profile has been more limited than elsewhere,” it added.

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