On April 11, 2025, we revised the outlook on Hungary to negative from stable on fiscal and external risks and affirmed our 'BBB-' rating (see: ? Hungary Outlook Revised To Negative From Stable On Fiscal And External Risks; 'BBB-/A-3' Ratings Affirmed ,? published on RatingsDirect). We do not think MVM could be rated above the sovereign, reflecting its limited revenue from countries with higher sovereign ratings and strong link with its sole owner, the Hungarian government. Hungary's creditworthiness and likely provision of extraordinary support--which we continue to assess as high--are credit drivers for MVM, given it is a government-related domestic utility. We therefore revised our outlook on MVM to negative from stable and affirmed our 'BBB-' long-term issuer credit rating
