Fitch leaves Hungary’s non-investment grade unchanged
Fitch Ratings is the third major rating agency to reaffirm Hungary’s non-investment grade rating, along with Standard & Poor’s and Moody’s. According to Fitch: “Hungary's long-term foreign and local currency Issuer Default Ratings (IDR) are at 'BB+' and 'BBB-', respectively.
The outlooks are stable. The issue ratings on Hungary's senior unsecured foreign and local currency bonds have also been affirmed at 'BB+' and 'BBB-', respectively. The Country Ceiling has been affirmed at 'BBB' and the short-term foreign currency IDR at 'B'.”
Membership of the European Union (EU) was a key rating driver, as it provides financial support and supports political stability, Fitch added. Fitch assumes that “Hungarian authorities will maintain fiscal discipline, broadly in line with the targets included in the Convergence Program submitted to the EU in April 2014”.
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