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Economy minister: Ratings upgrade shows Hungary rising trend

Economy minister: Ratings upgrade shows Hungary rising trend

Budapest, February 21 (MTI) – Hungary’s economy is on an upward path and the recent upgrade by Japan Credit Rating Agency (JCR) will help Hungary to reduce risks while maintaining economic growth and a stable budget, Economy Minister Mihály Varga said on Tuesday.

JCR earlier on Tuesday said it raised Hungary’s foreign currency long-term issuer rating from BBB to BBB+ and its local currency long-term issuer rating from BBB+ to A-. The outlooks on both ratings were changed from positive to stable.

Varga told public news channel M1 that JCR’s decision indicated a positive image of Hungary.

Varga said “the upgraded ratings are a reflection of last year’s economic performance, the government’s disciplined fiscal policies, the continually falling public debt as well as the six-year programme of tax-cuts and wage hikes…”

All this will mean that Hungary’s economic growth will strengthen in 2017 and 2018, he added.

Photo: MTI

Source: MTI

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