The rating assigned to the city of Trnava remains unchanged and is mainly based on a positive assessment of the current and projected debt levels, high liquidity levels, and operating balance surpluses.

Hungary (or the country) has been assigned the following ratings:

• Long-term foreign currency credit rating at BBB and local currency credit rating at BBB;
• Short-term foreign currency credit rating at S2 and local currency credit rating at S2.

The outlook on the long-term foreign currency credit rating is Stable and local currency credit rating is Stable.

The Stable outlook assumes that the rating will most likely stay unchanged within the 12 to 18-month horizon.