JCR Affirms Hungary A- Rating With Stable Outlook

Ratings

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Japan Credit Rating Agency (JCR) affirmed Hungary's A- foreign currency long-term issuer rating, with a stable outlook, on Tuesday, according to a report by state news wire MTI.

"The ratings on Hungary are mainly supported by the country's well-developed and export-led economic structure and resilient banking system. On the other hand, they remain constrained by its susceptibility to external factors such as energy prices," JCR said in its rationale.

JCR added that the government was expected to "continue to promote fiscal consolidation".

In a post on social media, Finance Minister Mihály Varga called the JCR affirmation "good news to start the day" and said the rating agency expected the government to continue to reduce budget deficit and state debt levels this year.

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