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S&P withdraws ratings of Hungarian central bank

S&P Global Ratings on Feb. 16 withdrew the BBB- foreign- and local-currency sovereign credit ratings of the Magyar Nemzeti Bank at the request of the Hungarian central bank.

The outlook on the ratings at the time of withdrawal was positive.

Meanwhile, S&P affirmed Hungary's BBB-/A-3 long- and short-term foreign- and local-currency sovereign credit ratings, with the outlook remaining positive.

Hungary's positive outlook primarily reflects the possibility that the country's strengthening economic metrics may support ongoing improvements in the banking sector, thus reinforcing the monetary transmission channel, according to the agency.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.