We expect Hungary's real GDP growth will pick up slightly to about 3.0% in 2017 before moderating to just under 2.5% on average between 2018-2020. Hungary's sizable current and capital account surpluses are supporting the economy's continued deleveraging. We are therefore affirming our 'BBB-/A-3' sovereign credit ratings on Hungary. The stable outlook reflects our assessment of Hungary's strong external profile, and modest fiscal deficits, against its high levels of public debt, and moderate long-term growth prospects. On Feb. 24, 2017, S&P Global Ratings affirmed its 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on Hungary. We also affirmed our 'BBB-' long-term issuer credit rating on the National Bank of Hungary (Magyar Nemzeti Bank; MNB or central bank).
