Hungary: Sovereign credit ratings

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Sovereign credit ratings in Hungary: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Fitch BBB Negative 6/2024
Scope BBB Stable 1/2024
Fitch BBB Negative 12/2023
Moody's Baa2 Stable 9/2023
Fitch BBB Negative 6/2023
Scope BBB Stable 2/2023
Fitch BBB Negative 1/2023
Scope BBB+ Negative 9/2022
Fitch BBB Stable 7/2022
Fitch BBB Stable 1/2022
Scope BBB+ Stable 12/2021
Moody's Baa2 Stable 9/2021
Fitch BBB Stable 8/2021
Fitch BBB Stable 2/2021
Moody's Baa3 Positive 9/2020
Fitch BBB Stable 8/2020
Standard & Poor's BBB Stable 4/2020
Standard & Poor's NR NR 2/2020
Standard & Poor's NR NR 2/2020
Fitch BBB Stable 2/2020
Fitch BBB Stable 2/2020
Standard & Poor's NR NR 1/2020
Standard & Poor's NR NR 1/2020
Scope BBB+ Stable 10/2019
Fitch BBB Stable 8/2019
Standard & Poor's NR NR 4/2019
Standard & Poor's NR NR 3/2019
Fitch BBB Stable 2/2019
Moody's Ba3 Stable 11/2018
Fitch BBB- Positive 8/2018
Fitch BBB- Positive 3/2018
Scope BBB Positive 2/2018
Fitch BBB- Positive 11/2017
Standard & Poor's BBB- Positive 8/2017
Scope BBB Stable 7/2017
Fitch BBB- Stable 5/2017
Scope BB+ Under Review 5/2017
Scope BB+ Under Review 5/2017
Moody's Baa3 Stable 11/2016
Fitch BBB- Stable 11/2016
Standard & Poor's BBB- Stable 9/2016
Fitch BBB- Stable 7/2016
Fitch BBB- Stable 5/2016
Moody's Ba1 Positive 11/2015
Fitch BB+ Positive 11/2015
Standard & Poor's BB+ Stable 3/2015
Moody's Ba1 Stable 11/2014
Fitch BB+ Stable 11/2014
Fitch BB+ Stable 9/2014
Fitch BB+ Stable 8/2014
Fitch BB+ Stable 7/2014
Fitch BB+ Stable 6/2014
Fitch BB+ Stable 5/2014
Fitch BB+ Stable 4/2014
Standard & Poor's BB Stable 3/2014
Fitch BB+ Stable 3/2014
Fitch BB+ Stable 2/2014
Fitch BB+ Stable 1/2014
Fitch BB+ Stable 12/2013
Fitch BB+ Stable 11/2013
Fitch BB+ Stable 10/2013
Fitch BB+ Stable 9/2013
Fitch BB+ Stable 8/2013
Fitch BB+ Stable 7/2013
Fitch BB+ Stable 6/2013
Fitch BB+ Stable 5/2013
Standard & Poor's BB Negative 3/2013
Fitch BB+ Stable 3/2013
Moody's Ba1 Negative 2/2013
Fitch BB+ Stable 2/2013
Standard & Poor's BB Stable 11/2012
Fitch BB+ Negative 8/2012
Fitch BB+ Negative 7/2012
Fitch BB+ Negative 5/2012
Fitch BB+ Negative 4/2012
Fitch BB+ Negative 2/2012
Fitch BB+ Negative 1/2012
Standard & Poor's BB+ Negative 12/2011
Standard & Poor's BBB- Negative watch 11/2011
Moody's Ba1 Negative 11/2011
Fitch BBB- Negative 11/2011
Fitch BBB- Stable 6/2011
Moody's Baa3 Negative 12/2010
Fitch BBB- Negative 12/2010
Standard & Poor's BBB- Negative 7/2010
Moody's Baa1 Negative watch 7/2010
Standard & Poor's BBB- Stable 10/2009
Standard & Poor's BBB- Negative 3/2009
Moody's Baa1 Negative 3/2009
Fitch BBB Negative 3/2009
Standard & Poor's BBB Negative 11/2008
Moody's A3 Negative 11/2008
Fitch BBB Stable 11/2008
Standard & Poor's BBB+ Negative watch 10/2008
Fitch BBB+ Negative 10/2008
Standard & Poor's BBB+ Negative 3/2008
Fitch BBB+ Stable 11/2007
Standard & Poor's BBB+ Stable 12/2006
Moody's A2 Stable 12/2006
Moody's A1 Negative watch 9/2006
Fitch BBB+ Negative 9/2006
Standard & Poor's BBB+ Negative 6/2006
Standard & Poor's A- Negative 1/2006
Fitch BBB+ Stable 12/2005
Standard & Poor's A- Stable 11/2005
Standard & Poor's A- Stable 5/2005
Fitch A- Negative 1/2005
Fitch A- Negative 7/2003
Standard & Poor's A- Stable 11/2002
Moody's A1 Stable 11/2001
Standard & Poor's A- Stable 12/2000
Moody's A3 Stable 11/2000
Fitch A- Stable 11/2000
Fitch BBB+ Positive 9/2000
Standard & Poor's BBB+ Positive 2/2000
Moody's Baa1 Stable 6/1999
Standard & Poor's BBB Positive 12/1998
Moody's Baa2 Positive 5/1998
Moody's Baa3 Positive watch 3/1998
Standard & Poor's BBB- Positive 1/1998
Standard & Poor's BBB- Stable 7/1997
Fitch BBB- Positive 5/1997
Moody's Baa3 Stable 12/1996
Standard & Poor's BBB- Stable 10/1996
Moody's Ba1 Positive 10/1996
Standard & Poor's BB+ Stable 2/1996
Standard & Poor's BB+ Negative 4/1995
Standard & Poor's BB+ Negative 2/1995
Standard & Poor's BB+ Stable 4/1994
Standard & Poor's BB+ Positive 4/1992
Moody's Ba1 Stable 7/1990
Moody's Baa2 Stable 7/1989

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Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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