Orbán cabinet: Hungary maintains investment-grade rating

S+P Global Ratings has affirmed its sovereign credit ratings on Hungary, putting the country in the investment-grade category along with the other big credit rating agencies, the National Economy Ministry said late on Friday.

S+P credit ratings on Hungary

S+P, which has delivered gloomy assessments of the performance of European countries recently, revised the outlook on the ratings to negative from stable.

The government takes the position that the assessment is temporary, and a positive turnaround is expected in the second half of the year, the ministry said. The Hungarian economy rests on firm foundations, which is reflected in the credit rating agency’s assessment, suggesting the outlook could return to stable in the coming period, it added.

The ministry highlighted indicators showing the positive direction of the domestic economy, including a 17-month-long increase in real wages, growing consumption and another record year for the tourism sector. Employment stands close to 4.7 million, while the number of registered jobseekers is at a low, new and used car sales are picking up, home sales are increasing, retail lending is on the rise and the construction industry has expanded for the fourth month in a row, it said.

The government aims to put the country on a path of sustainable and balanced economic growth, the ministry said. It put GDP growth over 3pc in the second half and full-year growth at 2.5pc, while growth in 2026 is expected to be around 4pc.