Fitch Ratings Services has revised Hungary’s sovereign rating from “negative” to “stable”.

The Government agrees with the assessment which indicates that one of the major rating agencies has already recognized the merit of economic policy measures of 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.

Hungarian financial indicators have improved since the previous preview: Hungary’s central budget deficit is permanently below 3 percent, general government debt has been steadily declining, CDS premia have declined, the forint has been performing well, the external financing capacity of the country is the best in the region and Hungary has managed to finance itself from the markets permanently and in a sustainable way.

After having successfully established fiscal stability, the Government can already focus on growth and the country can expect further positive ratings via already implemented measures and the detailed presentation of Hungary’s economic strategy for the coming years.

(Ministry for National Economy)