S+P downgraded Hungary but the minister is positive about getting all EU money soon
Márton Nagy, the economic development minister, said that despite S+P’s downgrading Hungary’s sovereign rating, the Hungarian economy remains stable. Furthermore, it will get all the EU money it deserves. Therefore, rating agencies will soon upgrade Hungary’s rating, he added.
On a press question, the minister said that Hungary would fulfil all EC requests, so there would be no obstacles to getting all the EU money the country deserves, Világgazdaság wrote.
Márton Nagy:
S+P Global Ratings downgraded Hungary’s sovereign rating one notch to BBB- from BBB at a scheduled review on Friday. The outlook on the rating – one notch over the investment grade threshold – is stable. The rating agency said the downgrade follows “a series of economic shocks” to Hungary in the context of the pandemic and the war in Ukraine which have “impaired the policy flexibility of fiscal and monetary authorities”. S+P said the stable outlook on the sovereign rating reflects its expectations that Hungary’s economy will “avoid a substantial economic downturn” over the next two years and weather the indirect effects of the war in Ukraine.
Read also S+P downgraded Hungary but the minister is positive about getting all EU money soon
Source: Világgazdaság, MTI