Hungary EconMin welcomes Fitch rating

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The Economy Ministry was quick to respond to Thursday afternoon's Fitch revision that left Hungary's sovereign rating unchanged at BB+ and raised the outlook from negative to stable. "The government agrees with the assessment which shows one of the major rating agencies has already recognized the merit of economic policy moves over the past two years as a result of which Hungary is now on a path of steadily declining government debt, has carried out sustainable fiscal consolidation, and could finally escape the humiliation of the EU excessive deficit procedure."
"Hungary's financial indicators have improved since the previous review: deficit has remained below 3%, public debt is shrinking, the CDS premium is lower, forint performance has been strong, Hungary's external financing ability is the highest in the region, the country has been able to finance itself in a sustainable and reliable fashion relying on market sources," the ministry said in a press release.

"Having successfully achieved fiscal stability, the government is now able to focus on growth. We believe a detailed presentation of the policy measures taken and our strategy for the coming years will secure further positive ratings for Hungary."
 

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