On Friday, November 10, Fitch Ratings revised its outlook on Hungary’s long-term foreign- and local-currency issuer default ratings from stable to positive. The credit rating agency affirmed its rating on Hungary at “BBB-”.

“A combination of high current account surpluses, European Union inflows and private and public sector external deleveraging have contributed to a marked improvement in Hungary’s net external debt position”, Fitch Ratings said in a statement.

Commenting on the Fitch revision on Sunday, Hungarian Minister for National Economy Mihály Varga attributed the improvement to the countryʼs stable economic growth. He highlighted significant improvements in the performance of the construction, automotive and pharmaceuticals industries over the past several months, adding that growth had not been paired with a wave of borrowing by households, businesses or the government.

Two out of the three large international credit rating agencies, Fitch Ratings and S&P’s, see Hungary’s outlook as positive, signaling a potential future upgrade.