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Fitch set to review Hungary sovereign rating

Ratings

Hungary's sovereign debt ratings are scheduled to be reviewed by Fitch Ratings on Friday. European Union rules require rating agencies to submit an annual ratings review calendar for EU countries and Hungary is in line for a scheduled review by Fitch on November 28.

 All of the three major global rating agencies now maintain a stable outlook on Hungary's sovereign ratings, with Moody's Investors Service having upgraded its outlook on Hungary to stable from negative two weeks ago, bringing it in line with the other two.

Standard & Poor's rates the Hungarian sovereign's long term debt at "BB", two notches short of investment grade and one notch below Hungary's "BB+" and "Ba1" ratings maintained by Fitch and Moody's, respectively.  As standard procedure, Fitch is expected to announce the outcome of its review on Hungary late next Friday, after European and US markets had closed for the week.

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