Hungary has received a vote of confidence from all three major international credit rating agencies after they decided to maintain the country’s sovereign credit ratings unchanged, according to Finance Minister András Kármán.

The announcement came after the latest assessment by Fitch Ratings, completing a series of reviews conducted over three consecutive Fridays by Fitch, Moody’s and Standard & Poor’s. All three agencies reached the same conclusion, leaving Hungary’s rating unchanged despite ongoing fiscal challenges.

Positive signal amid great economic challenges

Kármán described the outcome as encouraging, noting that in recent years Hungary had often faced either rating downgrades or deteriorating outlooks from one or more of the major agencies. According to the minister, the decision reflects growing confidence in the country and in the economic direction of the new Tisza-led government.

He argued that the administration inherited a difficult fiscal situation, claiming that the previous government left behind a budget that presented a more favourable picture than the underlying reality. “The deficit has already significantly exceeded the proportion originally planned for this stage of the year,” Kármán said, adding that years of what he described as wasteful and opaque financial management have created serious challenges for the country.

Discussions happened at the highest level

The finance minister revealed that he personally met analysts from the rating agencies in recent weeks to outline the government’s economic priorities and the measures already launched to restore budgetary discipline. Kármán said the government had demonstrated tangible progress within a short period, highlighting a recently announced agreement concerning EU funds earmarked for Hungary.

The package, worth EUR 16.4 billion, represents roughly HUF 6,000 billion and amounts to nearly 13% of the current Hungarian state budget. According to the minister, securing access to these resources will strengthen Hungary’s fiscal room for manoeuvre and create new opportunities for investment and development projects.

If you missed it: Revolut introduces important change concerning transfer fee

Tisza government’s focus is long-term stability

The government has pledged to restore fiscal balance, reduce public debt and introduce more transparent and predictable budget planning. Kármán stressed that economic policy would be based on long-term stability rather than short-term political considerations.

He also emphasised that credit ratings have practical consequences for households and businesses. An improved perception of Hungary in international financial markets could eventually lead to lower borrowing costs, reducing the expense of financing public debt and potentially freeing up resources for healthcare, education and economic development.

For businesses, stronger investor confidence could mean cheaper access to credit, encouraging investment and supporting job creation. “The trust cannot be rebuilt overnight,” Kármán said, “but the decisions of recent weeks show that Hungary has started moving in the right direction.”

If you missed it: Hungary bans new guest workers from three countries with immediate effect