KBRA Releases Macro-Market Research: The EU’s Hungary Drama
Kroll Bond Rating Agency, Inc.
Joan Feldbaum-Vidra, Managing Director, Sovereigns
Alan Madden, Director, Sovereigns
The European Union’s (EU) stated enlargement goal of promoting economic growth and strengthening democratic forces is being tested by the political winds sweeping newer members, Hungary included. The repeat election of Prime Minister Viktor Orban in a vote this past weekend and the continuation of a supermajority government are increasingly testing the EU’s tolerance level for Hungary’s blatant disregard of democratic values. The EU has just released first ever detailed report threatening Hungary with sanctions over repeated breaches of EU democratic principles. As EU support for Hungary is an important credit feature, this report explores the developing conflict underway. The most likely scenario is that the EU does not have the support of member countries necessary to sanction Hungary for its anti-democratic policies.
Please click here to access the full report.
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Kroll Bond Rating Agency, Inc. is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, Kroll Bond Rating Agency, Inc. is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
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