The two main credit rating agencies rated the Hungarian economy for the first time this year.

Fitch Ratings has confirmed the rating of the Hungarian debt: therefore it remains BBB, with a stable outlook. In a statement issued in Frankfurt, the credit rating agency justified its decision on the grounds that this rating reflects the solid fundamentals of the Hungarian economy and the strong banking sector, which could offset not only high public debt (but increasingly rather composed) but also the unorthodox steps of the government. Fitch predicts a 6.6 percent decline for 2020 (the median for such debt-rated countries is worse at 6.9 percent), which is far worse than the government-mentioned 5-5.5 percent. , the MNB and the European Commission last week. level between. The credit rating predicted growth of 4.9 percent this year and 5.2 percent next.

Standard and Poor’s also released the results of its first review this year on Friday night, reaffirming its BBB / A-2 rating, also with a stable outlook. The credit rating calculated a GDP drop of 6.3 percent for 2020, 4.6 percent for this year and 3.5 percent for 2022, which could start mainly in the second half of the year, the explanatory memorandum indicates. The company also predicts that although significant EU funding will be obtained, the relationship between the government and the European Union could deteriorate further, especially in the run-up to the 2022 parliamentary elections.

The last update was made at both companies two years ago. Standard & Poor’s raised the rating of long and short term Hungarian government debt liabilities denominated in foreign currency and forint from the previous “BBB minus / A-3” to the current “BBB / A-2”. Shortly after, Fitch Ratings also upgraded the rating of Hungarian long-term foreign currency and forint sovereign liabilities to “BBB” by one notch from “BBB minus”.

A year ago, S&P changed the outlook on the Hungarian rating to a positive outlook, but changed it back to stable just two months later, at the time of the first shutdown due to the coronavirus epidemic.

Fitch appointed July 30 and S&P August 13 for the second review of Hungary’s debt ratings this year.

The third-leading credit rating agency in the world market, Moody’s Investors Service, has also set two dates for 2021: in its review schedule for this year, Hungary will be March 26 for the first time and September 24 for the second time. .



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