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 era and not receive any debt relief afterwards, the shift is more important as a rating factor and attests to the country's enormous economic progress. Impressive export growth helped by exports of increasingly high value-added manufacturing goods. Significant foreign presence and subsequent technology, skills, and know-how transfers underpinned the country's success in creating a highly competitive,
