On December 19, 2000, reflecting steady improvement in public finances and the concurrent decline in total external- and public-debt burdens within the framework of profound structural economic change, Standard&Poor's raised the local and foreign currency sovereign credit ratings on the Republic of Hungary. The outlook on the ratings was revised to stable from positive. The Republic of Hungary's ratings are supported by: The government of Hungary becoming a small net external creditor in 2000 (excluding Hungarian forint-denominated debt held by nonresidents; including such a debt, which is Standard&Poor's approach, will postpone the government becoming a small net creditor to 2002). Since Hungary was the only transition economy to accumulate a substantial foreign debt in the socialist
