Hungary's economy is benefiting from a cyclical recovery, enabling estimated real GDP growth of 2.4% on average between 2015 and 2018, which should facilitate a gradual decline in its still-high public debt. We continue to regard Hungary's potential growth as weaker than peers, however. We are therefore affirming our 'BB+/B' ratings on Hungary. The stable outlook balances our assessment of the benefits to Hungary's balance sheet from an external surplus, amid a cyclical recovery, against generally less-predictable policymaking. On Sept. 18, 2015, Standard&Poor's Ratings Services affirmed its 'BB+/B' long- and short-term foreign and local currency sovereign credit ratings on Hungary. We also affirmed our 'BB+' long-term issuer credit rating on the National Bank of Hungary (Magyar Nemzeti Bank;
