Hungary Credit Ratings

Hungary

Moody's		S&P		Fitch		DBRS		Scope Ratings
Rating	Outlook	Rating	Outlook	Rating	Outlook	Rating	Outlook	Rating	Outlook
Baa3	Positive	BBB	Stable	BBB	Stable	NR	-	BBB+	Stable

Rating Agency	Date	Previous Rating	Previous Outlook	New Rating	New Outlook
Moody's	Sep 25, 2020	Baa3	Stable	Baa3	Positive
S&P	Apr 28, 2020	BBB	Positive	BBB	Stable
S&P	Feb 14, 2020	BBB	Stable	BBB	Positive
Scope Ratings	Oct 18, 2019	BBB	Positive	BBB+	Stable
Fitch	Feb 22, 2019	BBB-	Positive	BBB	Stable
S&P	Feb 15, 2019	BBB-	Positive	BBB	Stable
Scope Ratings	Feb 23, 2018	BBB	Stable	BBB	Positive
Fitch	Nov 10, 2017	BBB-	Stable	BBB-	Positive
Scope Ratings	Sep 1, 2017			BBB	Stable
S&P	Aug 25, 2017	BBB-	Stable	BBB-	Positive
Moody's	Nov 4, 2016	Ba1	Positive	Baa3	Stable
S&P	Sep 16, 2016	BB+	Stable	BBB-	Stable
Fitch	May 20, 2016	BB+	Positive	BBB-	Stable
Moody's	Nov 6, 2015	Ba1	Stable	Ba1	Positive
Fitch	May 22, 2015	BB+	Stable	BB+	Positive
S&P	Mar 20, 2015	BB	Stable	BB+	Stable
Moody's	Nov 7, 2014	Ba1	Negative	Ba1	Stable
S&P	Mar 28, 2014	BB	Negative	BB	Stable
S&P	Mar 21, 2013	BB	Stable	BB	Negative
Fitch	Dec 20, 2012	BB+	Negative	BB+	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	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risks	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative	Ca	CC	CC	CCC	CC
Extremely Speculative			C	CCC	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