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The report said potential institutional and policy changes may create uncertainty for some companies, but are unlikely to trigger immediate widespread rating downgrades. Firms considered most vulnerable are viewed as resilient enough to weather near-term challenges, supported by solid order backlogs, liquidity buffers and improving financing conditions.
However, Scope warned that pressure could build for companies heavily exposed to public procurement or high energy costs. Construction and infrastructure firms, in particular, may be affected if the new government revises tendering practices or reprioritizes investment projects, potentially weakening order intake and cash flow.
The agency noted that a decline in order backlogs could strain liquidity, especially for companies with high fixed costs. In more adverse scenarios, weaker operating cash flow could lead to higher leverage and force firms to consider asset sales or refinancing.
Energy policy also represents a key near-term risk. A rapid shift away from Russian energy supplies, if not carefully managed, could increase costs and disrupt supply for energy-intensive sectors such as manufacturing and heavy industry, weighing on margins and competitiveness.
At the same time, the post-election strengthening of the forint may help reduce imported inflation and improve balance sheets for companies with foreign-currency debt. But a persistently strong currency could hurt export-oriented sectors by reducing price competitiveness.
Scope added that easing inflation could allow further interest rate cuts, lowering corporate borrowing costs and supporting refinancing activity.
Looking ahead, the agency highlighted potential upside if Hungary’s relationship with the European Union improves. Access to roughly EUR 18 billion in frozen EU funds could boost investment, particularly in infrastructure, energy and environmental projects, while improving overall financing conditions and supporting corporate growth.
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