Hungary expects two credit rating upgrades this year

Ratings

The Hungarian government foresees at least two of the three big ratings agencies issuing upgrades by the end of this year, Hungary’s National Economy Ministry (NGM) said late Friday after Standard and Poor’s announced it had kept Hungarian debt below investment grade, according to reports.

“The government expects at least two of the three big ratings agencies to put Hungary into the investment-grade category in 2016,” the ministry said in a statement issued on Friday evening, according to Hungarian news agency MTI. 

The ministry said S&P’s affirmation of the rating was expected. The NGM stressed in the statement that the ratings agency had acknowledged Hungary’s good economic performance, reduced external vulnerability and improved fiscal balance, MTI reported.

Earlier in March, after Moody’s left Hungary’s credit rating in “junk” territory, one step below investment grade, the ministry said the government expected at least two upgrades this year.

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