Fitch Ratings affirmed its BBB/Negative rating for Hungary on Friday

HUNGARY - In Brief 25 Jun 2023 by Istvan Racz
Even though Fitch changed its BBB rating outlook from Stable to Negative in January, mainly on deficiencies of structural policy, and it said a few weeks ago that it still saw downgrading risk for the country, no downgrade took place this time. As suggested by its report, Fitch Ratings was apparently impressed by the fact that Hungary, just as the whole of Europe, survived the Russia-related energy import bottleneck this winter, and by the prospective substantial improvement on the country's external current account. The agency still assessed that an eventual agreement between Hungary and the EU Commission on access to EU development funds was likely. Fitch will have another review date for its Hungary credit rating this year, on December 15. We think a lot will depend in that review on the developments regarding EU funds between now and then, and also on the government's performance on fiscal adjustment in the rest of this year.

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