Hungary — Sovereign Signal
BT-SFS 49.6/100 · BBB · 97bps over Treasuries
Score and market snapshot
Hungary trades 62bps tight of its fundamentals fit (fitted spread 159bps).
| Field | Value |
|---|---|
| BT-SFS | 49.6 / 100 |
| Rank | 27 of 51 |
| Composite rating | BBB |
| Agency ratings | Moody's Baa2 · S&P BBB- · Fitch BBB |
| Benchmark USD bond | REPHUN 6.25 32 |
| Spread over Treasuries | 97bps |
| Yield to worst (S.A.) | 6.01% |
| Duration | 4.9y |
Pillar scores
| Pillar | Score (0-100) |
|---|---|
| Fiscal | 42.3 |
| External | 10.6 |
| Macro | 62.8 |
| Institutions | 78.3 |
The ten metrics behind the score
| Metric | Pillar | Raw value | Score | Source | Year |
|---|---|---|---|---|---|
| Reserves, months of imports | External | 3.5 mo | 10.6 | World Bank | 2025 |
| General government debt / GDP | Fiscal | 77.9% | 7.5 | IMF | 2026 |
| FX public debt / GDP | Fiscal | 25.2% | 58.4 | World Bank/IMF QPSD | 2026 |
| Net interest / revenue | Fiscal | 8.7% | 74.6 | IMF | 2026 |
| Primary balance / GDP | Fiscal | -1.8% | 40.2 | IMF | 2026 |
| Governance (WGI GE + RQ) | Institutions | 61.0 | 71.0 | WGI | 2025 |
| Inflation track record | Institutions | 5.5% | 89.3 | IMF | 1997–2026 (h=10) |
| Real GDP growth, centred 3-year | Macro | 1.4% | 19.7 | IMF | 2025–2027 |
| GDP per capita, USD | Macro | $28,430 | 100.0 | IMF | 2026 |
| Growth volatility, 10-year | Macro | 3.3pp | 41.9 | IMF | 2016–2025 |
Score history
Applying the current methodology to historical sources, Hungary moves from 51.9 in 2016 to 49.6 in 2026 (-2.4 points over ten years).
Default and restructuring registry
No bond default or restructuring events in the registry window.
Frequently asked questions
What is Hungary's sovereign credit score?
Hungary scores 49.6/100 on the BT Sovereign Fundamentals Score, ranking 27 of 51 sovereigns covered. The score is built from ten public IMF and World Bank metrics across fiscal, external, macro, and institutions pillars.
Which Hungary USD bond does BondTerminal track?
REPHUN 6.25 32 (ISIN XS2574267261), the near-5-year USD benchmark, currently 97bps over Treasuries with a 6.01% yield to worst (S.A.).
Is Hungary trading wide or tight of its fundamentals?
Hungary trades 62bps tight of its fundamentals fit (fitted spread 159bps).