Moody's Investors Service upgraded Hungary Friday night to Baa3 from Ba1, giving it a stable outlook. Officials say that the decision acknowledges the Hungarian government’s work.
According to Moody’s, the key drivers of the rating upgrade were the government debt burden, structural economic improvements and significant reduction in external vulnerability. Minister of National Economy Mihaly Varga and officials of the Central Bank of Hungary said, that it was great and long-awaited news that would help Hungary to grow further. “The decision will help to decrease with HUF 10 bln Hungary’s debt finance”, said Mr Varga.
