Fitch lifts Hungary to stable

Fitch Ratings said it revised the outlook on Hungary to stable from negative.

The agency also affirmed its long-term foreign- and local-currency issuer default ratings at BB+ and BBB-, respectively.

Fitch also affirmed its country ceiling at BBB and short-term foreign-currency issuer default rating at B.

The outlook revision is underpinned by the company's progress in reducing the budget deficit and stabilizing government debt, Fitch said, along with improved fiscal and external financing conditions.

Hungary benefits from relatively strong fiscal financing flexibility, reflecting its well-developed domestic bond market and with substantial government deposits and central bank foreign-exchange reserves, the agency said.

Hungary has demonstrated a strong commitment to contain its general government deficit to less than 3% of GDP, Fitch added.

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