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Varga not expecting major change to credit rating

Ratings

Hungary is not expecting any major changes during credit rating agency Fitch Ratingsʼ review later today, National Economy Minister Mihály Varga told public television today.

"The big ratings agencies have improved their outlook to positive over the past months. I think given that Fitch already has a positive rating, we cannot expect any major changes at this time," Varga said.

Varga said it would of course be favorable if there was a change in the rating, but "based on his own survey, he does not expect this to happen".

Currently all three key credit ratings agencies put Hungary one notch below "investment grade", but the outlooks on the ratings by Moodyʼs and Fitch are "positive".

Fitch Ratings declined to comment to Reuters when the news agency asked about Vargaʼs comments. Fitch Ratings responded that they would "publish a press release on Hungary today at 9 pm London time".

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