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Fitch sees 'promising start'

Fitch Ratings finds the budget consolidation program of the Hungarian government to be a promising start, but as the persistent execution of the program will face public reluctance, relegation is expected.

Although negative outlooks stand only for two of the 20 countries reviewed (Latvia and Hungary); the favorable trend observed in the economies of the whole region will not be able to sustain, says Fitch Rating. The Hungarian economy, slightly above the regional average with a 'BBB plus' rating, is jeopardized by the enormous financing needs and the quite high and growing rates of the deficit and public debt. The negative outlooks of Fitch Ratings are not shared by Standard & Poor, who considers Hungary to be a stable debtor based on the published details of the consolidation program and the strong governmental commitment displayed concerning the program. (Gazdasági Rádió)