Fitch affirms Hungary

Fitch Ratings said it affirmed the Republic of Hungary's long-term foreign-currency issuer default rating at BBB and long-term local-currency issuer default rating at BBB+.

The outlook is negative. The agency affirmed Hungary's short-term foreign-currency issuer default rating at F3 and country ceiling at A.

"Although tight fiscal policy and the global recovery have reduced near-term pressures on Hungary's balance of payments, currency and macroeconomic stability since March 2009, its high levels of public and external debt and heavy foreign-currency exposure of domestic balance sheets continue to leave creditworthiness vulnerable to any further negative shocks," David Heslam, a director at Fitch said in a statement.

Ratings are supported by the country's robust institutional fundamentals, relatively rich and diverse economy and the sovereign's untarnished modern debt service record, the agency said.

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