Moody's Acknowledges Strength of Local Economy in Credit Opinion

Ratings

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Moody's Investors Service has pointed to the strength and resilience of Hungary's economy as well as the government's commitment to reduce the budget gap and state debt in a credit opinion, the Finance Ministry said on Wednesday, according to a report by state news wire MTI.

In the analysis, Moody's favorably assesses the growth outlook for the Hungarian economy, noting the country's strong manufacturing industry and export performance, the ministry said.

Moody's puts Hungary's GDP growth at 0.8% in 2023.

Moody's puts the debate over Hungary's European Union funding among challenges the country faces, but the rating agency's analysts expect transfers from Brussels to arrive, the ministry said. Moody's also says the prolonged war in Ukraine presents significant risks for Hungary, it added.

Moody's did not update Hungary's sovereign rating at a scheduled review on March 3. Moody's rates Hungary Baa2, two notches over the investment grade threshold, with a stable outlook.

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