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VARGA: CREDIT RATING AGENCIES UPBEAT ON HUNGARY ECONOMY

 

The two big rating agencies have reaffirmed their confidence in Hungary, which is classed as investment grade, suggesting that it is not only investors that have confidence in the Hungarian economy, Minister of Finance Mihály Varga said on Facebook. Both Standard and Poor’s and Fitch noted the effectiveness of Hungarian crisis management, good debt structure and funding opportunities. Fitch Ratings and Standard & Poor’s on Friday reaffirmed Hungary’s sovereign debt rating with a stable outlook, giving long-term sovereign forint and foreign currency debt a “BBB” rating, while S&P maintained a separate “A-2” rating for short-term Hungarian debt. S&P Global Ratings said Hungary’s economy is likely to grow by 4.6% this year after having probably contracted by 6.3% in real terms last year on the back of the Covid crisis. Fitch said GDP was projected to grow by 4.9% this year.