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Fitch Ratings and Standard & Poor's reaffirm Hungary's sovereign debt rating

Varga: Credit rating agencies upbeat on economy

The two big rating agencies have reaffirmed their confidence in Hungary, which is classed as investment grade, suggesting that it is not only investors that have confidence in the Hungarian economy, Minister of Finance Mihaly Varga said on Facebook on Saturday.

Both Standard and Poor’s and Fitch noted the effectiveness of Hungarian crisis management, good debt structure and funding opportunities.

Fitch Ratings and Standard & Poor’s on Friday reaffirmed Hungary’s sovereign debt rating with a stable outlook, giving long-term sovereign forint and foreign currency debt a “BBB” rating, while S and P maintained a separate “A-2” rating for short-term Hungarian debt.

S and P Global Ratings said Hungary’s economy is likely to grow by 4.6 percent this year after having probably contracted by 6.3 percent in real terms last year on the back of the Covid crisis. Fitch said GDP was projected to grow by 4.9 percent this year.

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