Orban reaps political benefits from credit rating upgrade

ZSOLT SZIGETVARY HUNGARY OUT

(L-R) National Economy Minister Gyorgy Matolcsy, Hungarian Prime Minister Viktor Orban and head of the PM's cabinet, State Secretary Mihaly Varga attend a consultation with eleven economists in Budapest, Hungary 25 November 2011. The previous day, credit rating agency Moody's had downgraded Hungary's rating by one notch, to Ba1 from Baa3, bringing it under 'investor grade'.

Orban’s vindication boosts his poll ratings ahead of legislative elections in 2017


Budapest began this week with an investment grade credit rating after five years of being classed as “junk.”

Hungary will go to the polls in 2017 having reduced its deficit to 1,9% of the GDP, increased its current account surplus, reduced its external debt, and on Friday saw its credit rating rise to an investment grade BB+, at par with Russia, Romania, and Bulgaria.

Fitch moved to upgrade Hungary to investment grade credit rating on Friday, May 20. The credit rating agency noted a “reduc...


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