On June 3, 2003, Standard&Poor's Ratings Services affirmed all its ratings on the Republic of Hungary, including its 'A-/A-2' foreign currency and 'A/A-1' local currency sovereign credit ratings. The affirmation reflects Hungary's continued commitment to structural reforms and market-oriented policies, its moderate public sector external debt burden, and solid external indicators. The outlook is stable. The ratings on Hungary are supported by: The government's continued commitment to structural reforms and market-oriented policies. This has enabled Hungary to attract large foreign direct investment (FDI) inflows and supported remarkable diversification and development, making the economy one of the most competitive in the region. The government's moderate external indebtedness. General government net external debt is projected at 17% of current account
