R&I Affirms Hungary BBB+ Rating

Ratings

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Japan's R&I has affirmed Hungary's BBB+ sovereign rating, "in spite of the perilous international environment", Finance Minister Mihály Varga said in a post on Facebook on Monday, according to a report by state news wire MTI.

Varga said R&I had delivered a positive assessment of the stability of Hungary's financial system and the falling level of state debt. R&I expects Hungary's economy to stay out of recession this year and augurs a return to a faster growth path next year, he added.

He affirmed that the government would continue to improve balance indicators this year, reducing the fiscal deficit and cutting state debt.

In its rationale, R&I said Hungary's state debt ratio would "likely fall gradually", given the government's policies towards reducing the fiscal deficit, and acknowledged that the stability of the financial system had been maintained.

"Hungary's economy stays on a weak trend against the backdrop of high inflation and other factors. Nonetheless, R&I maintains the view that the growth base supported by the foreign manufacturing sector has not been undermined and the economy will likely keep stable growth over the medium term," the rating agency said.

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