Budapest (MTI) – The upgrade of Hungary’s sovereign rating by Standard and Poor’s is proof of the Hungarian economy’s excellent performance and was long overdue, the economy minister said on Friday.
Mihály Varga commented on S+P’s announcing raising its long- and short-term foreign and local currency sovereign credit ratings on Hungary to ‘BBB-/A-3’ from ‘BB+/B’ earlier on Friday, putting the country back in investment grade. The upgrade, with a stable outlook, came on improved fiscal, external and growth expectations.
“Markets priced this upgrade in long ago,” Varga told a press conference following the announcement.
The minister said he agreed with S+P’s conclusions that the growth outlook of the Hungarian economy has improved, the public debt has decreased with favourable changes in its structure, and the current account has continued to show a surplus.
Commenting on the upgrade, Prime Minister Viktor Orbán said that the decision has rewarded “the hard work of Hungarian people over several years” and that credit should therefore go to them in the first place.
Speaking at a press conference after an informal EU summit in Bratislava, Orbán said that Hungary had acknowledged previous downgrades with a “straight face” in the firm belief that they would later be followed by upgrades rewarding economic revival efforts.
“Hungarian people have worked so hard to show to the world that Hungary is a worthy place to invest in,” he said.