Fitch unlikely to raise Hungary's credit rating before return to growth

Ratings

Ratings agency Fitch is unlikely to raise Hungary's long-term credit rating to investment grade until the country's economy begins to show more potential for growth, Fitch Ratings Sovereign and International Financial Public Finance Director Matteo Napolitano said on Friday, Reuters reported. On December 20, Fitch reconfirmed Hungary's sovereign credit rating at non-investment grade BB+, but raised the country's outlook to stable from negative, citing Hungary's progress in cutting its budget deficit and stabilizing government debt. "It's really difficult to change the country's rating to investment grade until (there are) real improvements in potential growth," Napolitano told journalists in Warsaw, Poland.

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