Moody’s upgrades Hungary

Moody's Investors Service said it upgraded Hungary's long term issuer and senior unsecured government bond ratings by one notch to Baa3 from Ba1.

The outlook is stable.

Moody’s said the key drivers of the upgrade are:

• The government debt burden, which now benefits from a lower share of foreign currency denominated debt, will continue to gradually decline;

• Structural economic improvements will help sustain positive growth rates of 2-2.5% in coming years, supporting economic strength; and

• Significant reduction in external vulnerability improves the resilience of Hungary's credit profile to future external shocks.

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