As the central bank has repeatedly indicated, Hungary was ripe for another upgrade, justified by its rapid economic recovery from the coronavirus crisis and the preservation of its financial stability, the bank said.

In response to the decision, economic research institute Szazadveg said it definitely came as a surprise that Moody’s upgraded Hungary’s sovereign rating.

“Although there has been a positive outlook on the rating for a year now, considering the pandemic, it could be expected that an upgrade will occur later, in six months or a year, if at all,” Gabor Regos, head of the institute’s macroeconomics division, said.

With Moody’s decision, Hungary’s sovereign rating is now at the same level at the three big ratings agencies, he noted.

The outlook on the rating is stable.