Hungary's junk credit rating upgraded by Standard & Poor's on improving growth outlook
{{#rendered}} {{/rendered}}Hungary's junk credit rating has been upgraded by Standard & Poor's, which cited the country's improving growth outlook and its better preparedness to handle unexpected crises.
S&P said in a statement Friday that it was raising Hungary's rating from BB to BB+, one step below investment grade, bringing its assessment in line with the other two major ratings agencies, Moody's and Fitch.
S&P raised its forecast for real economic growth in Hungary to an average of 2.5 percent a year in 2015-2017 from earlier expectations of 2 percent a year. It also said a recent decision forcing banks to convert mortgages in foreign currencies, mainly the Swiss franc, to Hungarian forints reduced Hungary's vulnerability to potential external shocks.
{{#rendered}} {{/rendered}}Hungary lost its investment grade credit rating in 2011.