Fitch Affirms Hungary’s Junk Rating; Outlook Positive
- 23 Nov 2015 8:00 AM
Fitch Ratings affirmed Hungary’s “BB plus” sovereign credit rating, one notch under investment grade, with “positive” outlook, in a scheduled review Friday evening. Earlier most analysts expected an upgrade to “BBB minus”, the bottom of investment grade, but Hungary’s Economy Minister Mihály Varga played down the chance for “a major change” in a Friday morning television interview.
After the publication of Fitch Rating’s review, the Hungarian forint was at 310.50 to the euro after 310.51 previously on the interbank forex market.
Just before the warning of the economy minister, the forint strengthened to 308.86 to the euro, an almost onemonth high, on upgrade talk. Fitch revised the outlook on its Hungary rating to “positive” from “stable” on May 22.
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