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S&P Cut Hungary Rating Over High Inflation and External Pressures

HUNGARY
  • S&P on Friday cut Hungary's long- and short-term foreign and local currency ratings to 'BBB-/A-3' from 'BBB/A-2', citing persistently high inflation and external pressures. The ratings agency revised its outlook to "stable" from "negative" on expectations that Hungary's economy will avoid a substantial economic downturn over the next two years. As a reminder, Fitch cut Hungary’s outlook to “negative” from “stable” on Jan 20.
  • Hungary's GDP growth could climb over 4% next year thanks to measures bolstering stability, Finance Minister Varga said on Saturday. Varga noted that despite the downgrade in Hungary’s outlook by credit agencies, the country’s sovereign rating is still two notches higher than that of a decade ago.
  • Hungary is not at war with anyone, Prime Minister Orban told public radio on Friday as cited by MTI. Hungarians reject EU sanctions against Russia as they believe that sanctions have failed to help Ukraine and "bring Russia to its knees", but have instead inflicted "enormous damage on" the EU and Hungary, Orban said.
  • Hungary’s economic sentiment index rose to -20.5 in January from -20.8 in December, according to the GKI Economic Research, as outlook on the Hungarian economy slightly improved and inflation expectations declined. Looking ahead this week, PPI, trade balance, manufacturing PMI and retail sales data are all on the docket.
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