S+P Global Ratings has affirmed Hungary’s investment grade rating in spite of the war and the energy crisis caused by sanctions policies, the Finance Ministry said on Friday.
S+P affirmed Hungary’s ‘BBB-‘ sovereign rating with a stable outlook, showing credit rating agencies’ continued confidence in the Hungarian economy, the ministry said.
S+P delivered a positive assessment of the fast reduction of inflation, the stabilisation of the forint and the improvement of the current account balance, it added.
The rating agency also noted that the government had access to a “broad array” of financing, including a stable domestic banking sector, retail securities and issues on international markets, the ministry said.
S+P pointed to risks related to Hungary’s energy vulnerability, but acknowledged diversification efforts, the ministry said. It also put political debates with the European Commission among challenges Hungary faces, but its analysts expect the start of transfers of EU funding soon, the ministry added.
Hungary October trade surplus EUR 1.037 bn
Hungary posted a trade surplus of 1.037 billion euros in October, down from 1.340 billion in the previous month, the Central Statistical Office (KSH) said in a first reading of the data on Friday. Exports rose by 1.2 percent year on year, to 12.786 billion euros, while imports dropped by 13.3 percent, to 11.749 billion. In January-October, Hungary’s exports increased by an annual 6.6 percent, to 126.651 billion euros, while imports fell by 6.1 percent, to 117.687 billion, with a trade surplus of 7.963 billion.
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