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"The rating outlook remains stable, given Hungary's manageable debt maturity schedule," said Moody's vice president Jonathan Schiffer, author of the report. "However, Hungary's government faces challenges on the macroeconomic front and also on the structural reform front."
While tight spreads and the maturity structure of Hungarian government debt suggest that the government will have no problem meeting its debt servicing requirements, it is possible that the debt ratios will deteriorate further in 2005-2007 if proposed structural reforms are delayed until after local government elections in 2006, Schiffer added.
Hungary's continuing economic and financial integration with European Union countries' economies significantly reduces the risk of a foreign currency crisis, says the report. The integration prompted Moody's to unify the government's foreign and local currency ratings in 2002.
Elimination of all foreign currency transfer risk will occur only at the time of entry into EMU (at the end of the decade, if not later), according to Moody's.
