Fitch Ratings, one of the “big three” credit rating agencies, has restored the investment-grade rating of Hungarian government bonds. The key determinant behind the agency’s decision was Hungary’s current account surplus, but other factors, such as the forint conversion of forex loans, the self-financing programme of the National Bank of Hungary (MNB), the steady flow of EU funding as well as the diminishing stock of banks’ external debt also played a major role in the positive decision and in reducing the exposure of the country and the financial sector to external risks. The upgrade also proves that the Government-led economic restructuring since 2010 has been a success: the economy has recently seen modest but steady growth.

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(Ministry for National Economy)