Moodyʼs: Hungaryʼs junk rating remains untouched
Rating agency Moodyʼs Investors Service left Hungaryʼs "Ba1" sovereign long-term foreign and domestic issuer rating, one notch under investment grade, with "stable" outlook, untouched in a scheduled review Friday evening, Hungarian news agency MTI reported.
Moodyʼs listed Hungary among issuers with ratings that were "not updated on the calendar for July 10, 2015."
Previously, most analysts expected at least an outlook upgrade to "positive". Hungarian National Economy Minister Mihály Varga said in an interview on Thursday that based on its recent results Hungary "deserves" either a positive outlook, or even a one-notch upgrade of its rating.
After the publication of Moodyʼs review, the Hungarian forint eased to 311.93 to the euro from 311.82 previously on the interbank forex market. Within half an hour, it climbed back to 311.87.
Moodyʼs downgraded Hungary to "Ba1" from "Baa3" on November 24, 2011. The highest rating ever for Hungary at Moodyʼs was A1 from November 2001 until December 2006. The agency started rating Hungary in July, 1989, with "Baa2". According to published schedules, a further review this year is expected from Moodyʼs on November 6.
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