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Moody's leave Hungary's ranking on A2

International credit analyst Moody's left Hungary's ranking unchanged on A2, until the effects of the reforms are more clearly visible, said Alexander Kockerbeck vice-president of the German subsidiary at a Budapest press conference yesterday. 

Kockerbeck explained that they need to see how the government carries out the reforms, and only after performance is measurable will they consider an upgrade. The measures for the reduction of the central expenditures are expected to bring fruit in 2008 – 2009, and more time is needed to observe the effects of the austerity measures. Until then, the classification of Hungary needs to remain stable. Hungary needs to eliminate the reasons that caused its downgrade last December in order for the economy to become more stable, Kockerbeck added. (Gazdasági Rádió, Napi Gazdaság, Magyar Hírlap)