S+P affirms Hungary ‘BBB-/A-3’ ratings; outlook ‘positive’
Standard and Poor’s Global Ratings on Friday affirmed Hungary’s ‘BBB-/A-3’ long- and short-term foreign and local currency sovereign credit ratings.
The outlook on the ratings remains ‘positive’.
In its previous scheduled review of Hungary’s sovereign rating, on February 16, 2018, S+P also affirmed the rating.
In a statement released after S+P said it had affirmed Hungary’s ratings, the National Bank of Hungary (NBH) said Hungary was “fit for an upgrade now, according to the NBH’s assessment”.
“Although S+P did not upgrade Hungary now, an improvement in the rating is expected early next year,” the NBH added.
The reason for S+P’s decision to hold off on an upgrade could be a need to see Hungary’s favourable macroeconomic and fiscal indicators stabilise, the NBH said. The recent turbulent emerging market environment may also be a factor, it added.