Fitch Ratings Affirms Hungary At BB+

  • 12 Dec 2013 2:00 AM
Fitch Ratings Affirms Hungary At BB+
Fitch Ratings on Wednesday affirmed Hungary’s long-term foreign currency rating at ‘BB+’ with a stable outlook, and its local currency rating at ‘BBB-’. The outlooks on the long-term ratings are stable, the country ceiling has been affirmed at ‘BBB’ and the short-term foreign currency rating at ‘B’, the agency said in a report.

Of the three big ratings agencies including Moody’s Investors Service, Standard and Poor’s and Fitch Ratings, the weakest “BB” rating on Hungary is maintained by Standard and Poor’s. Fitch said in commentary that it forecast the general government deficit would rise somewhat in 2013-2015 but remain slightly below the European Union threshold of 3% of GDP, keeping it in line with the medians of the ‘BB’ and ‘BBB’ categories.

Fitch said a positive rating action could be triggered by successful fiscal consolidation, a sustained reduction in external indebtedness, measures to enhance the business and investment environment, including greater policy stability.


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