Hungary Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Hungary	Baa2 Negative	BBB- Negative	BBB Negative	BBB Stable	BBB Stable

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Hungary	Dec 05, 2025	Fitch	BBB	Negative	BBB	Negative
Hungary	Dec 04, 2025	S&P	BBB-	Stable	BBB-	Negative
Hungary	Jun 06, 2025	DBRS	NR	—	BBB	Stable
Hungary	Nov 30, 2024	Moody's	Baa2	Stable	Baa2	Negative
Hungary	Feb 24, 2023	Scope Ratings	BBB+	Negative	BBB	Stable
Hungary	Jan 27, 2023	S&P	BBB	Stable	BBB-	Stable
Hungary	Jan 20, 2023	Fitch	BBB	Stable	BBB	Negative
Hungary	Sep 02, 2022	Scope Ratings	BBB+	Stable	BBB+	Negative
Hungary	Sep 24, 2021	Moody's	Baa3	Positive	Baa2	Stable
Hungary	Sep 25, 2020	Moody's	Baa3	Stable	Baa3	Positive
Hungary	Apr 28, 2020	S&P	BBB	Positive	BBB	Stable
Hungary	Feb 14, 2020	S&P	BBB	Stable	BBB	Positive
Hungary	Oct 18, 2019	Scope Ratings	BBB	Positive	BBB+	Stable
Hungary	Feb 22, 2019	Fitch	BBB-	Positive	BBB	Stable
Hungary	Feb 15, 2019	S&P	BBB-	Positive	BBB	Stable
Hungary	Feb 23, 2018	Scope Ratings	BBB	Stable	BBB	Positive
Hungary	Nov 10, 2017	Fitch	BBB-	Stable	BBB-	Positive
Hungary	Sep 01, 2017	Scope Ratings	NR	—	BBB	Stable
Hungary	Aug 25, 2017	S&P	BBB-	Stable	BBB-	Positive
Hungary	Nov 04, 2016	Moody's	Ba1	Positive	Baa3	Stable

Table Key

Grade	Moody's	S&P	Fitch	DBRS	Scope Ratings
Prime	Aaa	AAA	AAA	AAA	AAA
High Grade	Aa1	AA+	AA+	AA (high)	AA+
	Aa2	AA	AA	AA	AA
	Aa3	AA-	AA-	AA (low)	AA-
Upper Medium Grade	A1	A+	A+	A (high)	A+
	A2	A	A	A	A
	A3	A-	A-	A (low)	A-
Lower Medium Grade	Baa1	BBB+	BBB+	BBB (high)	BBB+
	Baa2	BBB	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB (low)	BBB-
Non-investment Grade Speculative	Ba1	BB+	BB+	BB (high)	BB+
	Ba2	BB	BB	BB	BB
	Ba3	BB-	BB-	BB (low)	BB-
Highly Speculative Grade	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risk Grade	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative Grade	Ca	CC	CC	CC	CC
Extremely Speculative Grade			C	CC	C
In Default with Little Prospect for Recovery		CD	RD	RD
In Default		SD		SD
	C	D	D	D	D
			DD	DD
			DDD	DDD
Not Rated	NR	NR	NR	NR	NR

FAQ

What is Hungary’s current credit rating?

Hungary’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Hungary’s credit risk.

Has Hungary’s credit rating changed recently?

This page lists the latest rating and outlook actions for Hungary, showing when each agency last reviewed or changed its assessment.

Why does Hungary’s credit rating matter to investors?

Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Hungary's bond yields, currency, and equity flows as investors reassess risk.

How does Hungary’s rating compare to other countries?

You can explore how Hungary ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.

What do outlooks like Positive, Stable, and Negative mean?

They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk

What is the difference between investment grade and speculative grade?

Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.