Hungary Rated Stable

Standard & Poor?s Global Ratings said it has affirmed Hungary?s long and short-term foreign and local currency sovereign credit ratings at ?BBB-/A-3?, Hungarian news agency MTI reported. The outlook is stable, S&P said. “Hungary?s substantial external surpluses and its track record of fiscal restraint support the sovereign ratings,” S&P said. “Moderate long-term growth prospects, high public debt, and an impaired monetary transmission mechanism are key constraints on the ratings,” it added. S&P sees Hungary?s real GDP growth picking up slightly to about 3.0% in 2017, before moderating to just under 2.5% on average in 2018-2020.