S&P elevates Hungary ratings

S&P said it raised its long- and short-term foreign and local currency sovereign credit ratings on Hungary to BBB/A-2 from BBB-/A-3. The outlook is stable.

At the same time, S&P revised its transfer and convertibility (T&C) assessment to A- from BBB+.

“Last year marked the sixth consecutive year in which Hungary has reported solid balanced GDP growth,” S&P noted in a news release.

The stable outlook balances risks to Hungary's competitiveness from an overheating labor market against prospects of further economic convergence with wealthier trading partners, the agency said.

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