Fitch rates Hungary bond BBB+

Fitch Ratings said it assigned the Republic of Hungary's forthcoming, 10-year euro bond a BBB+ rating. The rating is in line with Hungary's long-term foreign-currency issuer default rating of BBB+, short-term foreign-currency issuer default rating of F2, long-term local-currency issuer default rating of A- and country ceiling of A+.

The ratings reflect its robust institutional fundamentals, a rich and diverse economy and untarnished modern debt service record, Fitch said.

Weaknesses include a history of loose fiscal policy, which has driven up the government's debt burden and contributed to a rise in the economy's external vulnerability, the agency said.

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