Commenting on Moody’s change to the outlook of Hungary’s Baa3 sovereign rating from “stable” to “positive”, Finance Minister Mihály Varga said Hungary’s rating was “unique” in the European Union as the no other member state’s outlook had improved in the past six months.
In a video message released on social media on Saturday, Varga said Moody’s assessment reflected the increasing strength of Hungarian economic policy.
Moody’s, he said, regards Hungary as showing greater resilience compared to other European states, based on its performance in recent years. Further, the agency expects the country’s economy will continue grow once the pandemic is over, he added.
Other rating agencies have views similar to Moody’s, he said, adding that they recommend Hungary’s sovereign debt as investment grade. He said the recognition was especially welcome since foreign investment could prove an important foundation for recovery from the coronavirus crisis.
Featured photo illustration by Tibor Illyés/MTI
