Moody’s Changes Budapest Outlook To Positive From Stable

  • 10 Nov 2015 4:00 AM
Moody’s Changes Budapest Outlook To Positive From Stable
Ratings agency Moody’s Investors Service raised the outlook on the city of Budapest’s Ba1 issuer rating to “positive” from “stable”. Moody’s also affirmed the capital’s Ba1 rating. Moody’s noted that on Friday it had raised the outlook on Hungary’s “Ba1” sovereign long term issuer rating, one notch under investment grade, to “positive” from “stable” and said that the upgrade to the capital’s rating reflected the improving Hungarian operating environment as well as the view that “the creditworthiness of Budapest is closely linked to that of the sovereign”.

It said Hungarian local governments depend on revenues that are closely linked to national macroeconomic and fiscal performance.

Moody’s said the affirmation of Budapest’s Ba1 rating reflects the capital’s “proven track record of prudent budgetary management, as mirrored by its solid operating surpluses and good financial performance.”

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