S&P takes Hungary out of 'junk status' on growth improvement

BUDAPEST, Hungary (AP) " Rating agency Standard & Poor's says it has lifted Hungary's sovereign debt rating out of "junk status" after upgrading the country's growth projections.

S&P raised Hungary's rating by one notch to BBB- from BB+ as it increased the country's average annual growth forecast through 2019 to 2.5 percent from 2 percent.

Friday's upgrade, which could make it cheaper for Hungary to borrow money in international markets, comes after a similar move in May by Fitch. Moody's, the third of the major rating agencies, still has Hungarian debt in the non-investment category.

S&P said key measures of Hungary's economy "have improved markedly" since 2008 when Hungary sought financial help from its partners in the European Union and the International Monetary Fund.

S&P said the outlook for Hungary's rating remains "stable."

This story has been automatically published from the Associated Press wire which uses US spellings

Get the news delivered straight to your inbox

Receive the day’s news, sport and entertainment in our daily email newsletter


© Copyright 2016, NZME. Publishing Limited

Assembled by: (static) on production bpcf05 at 24 Oct 2016 05:56:31 Processing Time: 415ms