21-I-0079
January 31, 2022

Japan Credit Rating Agency, Ltd. (JCR) announces the following credit rating.

Hungary<Affirmation>
Foreign Currency Long-Term Issuer Rating:
Outlook:
Local Currency Long-Term Issuer Rating:
Outlook:Bonds:

AStableA
StableA-

National Bank of Hungary (security code: -)<Affirmation>
Foreign Currency Long-Term Issuer Rating:
Outlook:
Local Currency Long-Term Issuer Rating:
Outlook:AStableA
StableRationale(1) The ratings on Hungary are mainly supported by the country’s developed and export-oriented
economic structure, strengthened economic and fiscal bases brought by appropriate economic
policies, and stable banking system. On the other hand, they remain constrained by its relatively large
external and government debts in GDP terms. The outlook of the ratings is Stable. In order to mitigate
the impacts of the COVID-19 pandemic, large-scale economic measures have been implemented.
As a result, although public finances have deteriorated significantly, real GDP and employment haverecovered to pre-pandemic levels in the first half of 2021. While the future outlook remains uncertain
due to supply constraints and the re-emergence of the pandemic, both economic and fiscal bases
are becoming more resilient to shocks due to the structural reforms. There is a large probability thatthe current government will be re-elected in the general election in April 2022, and as the economy
continues to recover, the government is expected to promote fiscal consolidation. The ratings on the
National Bank of Hungary (NBH) reflect the ratings on Hungary as it is the country’s central bank andits shares are entirely held by the government.
(2) Hungary is one of the medium-sized countries in Central and Eastern Europe in terms of economy
and population. The economy is relatively developed with its per capita GDP (in ppp terms) exceeding
USD 33,000 in 2020. Exports and investment count heavily in the economy, with exports accounting
for 90% driven by manufacturing industries such as automobile and investment for 26% of its 2020
real GDP. Its annual real GDP growth rates averaged 4.8% between 2017 and 2019 led by domestic
demand, which was one of the highest among the EU member countries. Prior to the pandemic, theunemployment rate renewed its lowest record. The current account balance stayed either in surplus
or modest deficits and both the external debt and net external debt balance (IIP) kept shrinking
although they were still large as a percentage of GDP. The government's swift anti-pandemic
measures have proved effective in mitigating the impact on the economy and promote economic
recovery. Meanwhile, monetary policy has been tightening since the latter half of 2021 on the rising
inflation. The economy in 2021 was estimated to have exceeded 6% as a whole, despite a slight
slowdown in the latter half of 2021, due to supply constraints and the re-emergence of the pandemic.
Despite labor supply constraints in the medium term, the economy is expected to continue growing
at around 3-4% with a large inflow from the EU funds and its recovery fund. JCR will be watchingclosely to see if the "rule of law" issue will have a significant impact on the inflow of transfer from theEU(3) The financial system has been kept stable and banks stay fully resilient to risks. Pre-provision profits
in the first nine months of 2021 has increased due mainly to higher net interest income on expandedloan balance. The ratio of non-performing loans remains low, but a portion of the debt repayment
moratorium of bank loans to vulnerable households and companies has been extended until the endof June 2022. Nonetheless, Banks have already increased their loan-loss provisions for high-risk

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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

lending, and have capacity to absorb additional loan loss provision by pre-provision profits. Theircapital adequacy ratio is kept high.
(4) The general government fiscal deficit (ESA 2010) has been kept below 3% of GDP from 2012 to 2019with reduced government debt to GDP ratio. The debt structure also improved as the government
ramped up funding in local currency on the domestic market with a focus on households and banks.
The ratios of the government debt owed to nonresidents and foreign currency-denominated debt to
the total decreased sharply. However, the fiscal deficit in 2020 widened to 8.0% due to the massive
economic package aimed to mitigate the impact of the pandemic and a slower growth of tax revenues
caused by the economic contraction. The total package provided by the government and NBH isworth about 30% of GDP, of which around a half is fiscal expenditure. The general government debt
have risen sharply to 80.1% of GDP at the end of 2020 from 65.5% a year earlier. In 2021, the budget
deficit was estimated to have slightly narrowed around 7% of GDP due to the reduction in economic
stimulus measures and the increase in tax revenues from the economic recovery, and the outstanding
government debt is also expected to have fallen below 80% of GDP. The government plans to reduce
fiscal deficit and government debt from 2022 onward. Given the strong government's commitment,
including its legal obligation to curb debt, and its track record, JCR believes that the government will
make progress on fiscal consolidation from 2022 onward.
Toshihiko Naito, Atsushi Masuda

RatingIssuer: Hungary<Affirmation>
Foreign Currency Long-term Issuer Rating:Local Currency Long-term Issuer Rating:
Issue
Japanese Yen BondsSeventh Series (2020)
Japanese Yen BondsEighth Series (2020)
Japanese Yen Bonds-First
Series (2020) (Green
Bonds)
Japanese Yen BondsSecond Series (2020)(Green Bonds)

Amount (bn)AA

Outlook: Stable
Outlook: Stable

Issue Date
September 18,
2020
September 18,
2020

Due Date
September 15,
2023
September 18,
2025

JPY 15.5

September 18,
2020

JPY 4.5

September 18,
2020

JPY 22.7
JPY 20.0

CouponRating

0.52%

A-

0.74%

A-

September 17,
2027

1.03%

A-

September 18,
2030

1.29%

A-

Issuer: National Bank of Hungary<Affirmation>
Foreign Currency Long-term Issuer Rating:Local Currency Long-term Issuer Rating:AA

Outlook: Stable
Outlook: Stable

Rating Assignment Date: January 27, 2022
The assumptions for the credit ratings and the definitions of the rating symbols are published as "Types of Credit Ratings and Definitionsof Rating Symbols" (January 6, 2014) in Information about JCR Ratings on JCR's website (https://www.jcr.co.jp/en/).
Outline of the rating methodology is shown as "Sovereign and Public Sector Entities" (October 1, 2021) in Information about
JCR Ratings on JCR's website (https://www.jcr.co.jp/en/).

Japan Credit Rating Agency, Ltd.
Jiji Press Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan
Tel. +81 3 3544 7013, Fax. +81 3 3544 7026
Information herein has been obtained by JCR from the issuers and other sources believed to be accurate and reliable. However, because of the possibility of human or mechanical error as well as other factors,
JCR makes no representation or warranty, express or implied, as to accuracy, results, adequacy, timeliness, completeness or merchantability, or fitness for any particular purpose, with respect to any suchinformation, and is not responsible for any errors or omissions, or for results obtained from the use of such information. Under no circumstances will JCR be liable for any special, indirect, incidental orconsequential damages of any kind caused by the use of any such information, including but not limited to, lost opportunity or lost money, whether in contract, tort, strict liability or otherwise, and whether
such damages are foreseeable or unforeseeable. JCR's ratings and credit assessments are statements of JCR's current and comprehensive opinion regarding redemption possibility, etc. of financial obligations
assumed by the issuers or financial products, and not statements of opinion regarding any risk other than credit risk, such as market liquidity risk or price fluctuation risk. JCR's ratings and credit assessments
are statements of opinion, and not statements of fact as to credit risk decisions or recommendations regarding decisions to purchase, sell or hold any securities such as individual bonds or commercial paper.
The ratings and credit assessments may be changed, suspended or withdrawn as a result of changes in or unavailability of information as well as other factors. JCR receives a rating fee paid by issuers for
conducting rating services in principle. JCR retains all rights pertaining to this document, including JCR's rating data. Any reproduction, adaptation, alteration, etc. of this document, including such rating
data, is prohibited, whether or not wholly or partly, without prior consent of JCR.
JCR is registered as a "Nationally Recognized Statistical Rating Organization" with the U.S. Securities and Exchange Commission with respect to the following four classes. (1) Financial institutions, brokers
and dealers, (2) Insurance Companies, (3) Corporate Issuers, (4) Issuers of government securities, municipal securities and foreign government securities.
JCR publishes its press releases regarding the rating actions both in Japanese and in English on the same day. In case that it takes time to translate rating rationale, JCR may publicize the summary version,
which will be replaced by the full translated version within three business days. (Regarding Structured Finance products, JCR only publicize the summary version in English.)

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Copyright © Japan Credit Rating Agency, Ltd. All Rights Reserved.

I n f o r m at i o n D i s c l o s u r e F o r mJapan Credit Rating Agency, Ltd.

Disclosure Required by Paragraph (a)(1)(ii) of Rule 17g-7

1

Issuer:Hungary
National Bank of Hungary

Rating Publication
Date:

January 31, 2022

The Symbol, Number, or Score in the Rating Scale used to Denote Credit Rating Categories andNotches and, the Identity of the Obligor or the Identity and a Description of the Security or Money
Market Instrument as Required by Paragraph (a)(1)(ii)(A) of Rule 17g-7
Please see the news release. If the credit rating is a private rating, please see the report for private
rating.

2

The version of the procedure or methodology used to determine the credit rating; as Required by
Paragraph (a)(1)(ii)(B) of Rule 17g-7
Please see the news release. If the credit rating is a private rating, please see the report for private
rating.

3

The Main Assumptions and Principles used in Constructing the Procedures and Methodologies
used to Determine the Credit Rating as Required by Paragraph (a)(1)(ii)(C) of Rule 17g-7
The credit rating methodology assumes, in principle, to be applied to assess the likelihood of agiven debt payment in light of its issuer’s condition and business environment, etc. in the relevant
future. There is certain limitation, however, in the time horizon that the rating foresees.
The credit rating methodology assumes, in principle, that the factors posted in the below areparticularly important for such likelihood to be determined, and that the rating determination ismade by evaluating each of them not only quantitatively but also employing qualitative analyses.

A) Economic Base
The likelihood of a given debt payment is highly conditional to the issuing government‘s ability tomaintain/expand the economic base into the future with maintaining soundness of financial systems.
B) Fiscal Base
The likelihood of a given debt payment is highly correlated to fiscal balance, public debt and otherfactors of the issuing government’s fiscal condition.
C) External Positions
The likelihood of a given debt payment is highly correlated to the liquidity positions which change
along with the international balance of payments and the international investment position.

1/5D) Social and Political Bases and Economic Policy
The likelihood of a given debt payment is highly conditional to the social and political stability,
effectiveness of economic and monetary policies as well as international economics.
E) Related Parties’ Stance of Support/ Assistance for the Government
The likelihood of a given debt payment is affected by the stance of the credit enhancement provider
and other related parties with regard to their stance of support/ assistance for the issuing government.
F) Order of Seniority in Debt Payment
The likelihood of debt payment can be different between given debts of the same issuer. The
likelihood of debt payment for an individual debt is dependent on the issuing government’s will, and/or its rank relative to other debts of the same government in the order of seniority in principal/ interest
payment which is determined by design as financial product or by international practice, etc.

4

The Potential Limitations of the Credit Rating as Required by Paragraph (a)(1)(ii)(D) of Rule 17g-7
The credit rating herewith presented by JCR is its summary opinion with regard to the likelihood ofgiven debt payment and hence not necessarily a perfect representation of such likelihood. The credit
rating is not intended to estimate the probability of default or the loss on given default, either.
The objective of the credit rating herewith presented does not include any concerns other than thelikelihood of debt payment, such as risks of price changes, market liquidity, etc.
The credit rating herewith presented is necessary to be reviewed along with possible changes of theissuer of rated objects in its business performance and/ or circumstances which include regulatoryenvironment, and hence subject to possible alteration.

5

Information on the Uncertainty of the Credit Rating as Required by Paragraph (a)(1)(ii)(E) of Rule
17g-7
The information used for the determination of credit rating as herewith presented is obtained by
JCR from the issuer of rated objects and other sources that JCR trusts in terms of accuracy andreliability but possibly contains errors due to human, non-human or other causes. Consequently, thecredit rating determined on the grounds of such information does not constitute, explicitly or
implicitly, any representation or warrant of JCR on the information itself or any consequences of its
use in terms of accuracy, relevance, timeliness, wholeness, market value, or usefulness for any
specific purposes.

6

Use of Due Diligence Services of a Third Party in Taking the Rating Action as Required by Paragraph(a)(1)(ii)(F) of Rule 17g-7
There is no use of any third-party due diligence service in the determination of the credit ratingherewith presented.

7

Use of Servicer or Remittance Reports to Conduct Surveillance of the Credit Rating Required by
Paragraph (a)(1)(ii)(G) of Rule 17g-7
There is no use of any servicer or remittance report to conduct surveillance of the credit ratingherewith presented.

2/5

8

The Types of Data Relied Upon for the Purpose of Determining the Credit Rating as Required by
Paragraph (a)(1)(ii)(H) of Rule17g-7
The information posted in the below, which includes data, is used for the determination of the credit
rating herewith presented.
A) Audited financial statements presented by the rating stakeholders
B) Explanations of business performance, management plans, etc. presented by the rating stakeholdersC) Informational and explanatory materials presented by the rating stakeholders with regard to theeconomy and fiscal management policy, etc. of the issuing governmentD) Statistics and reports published by an independent organization with regard to the economy andfiscal status, etc. of the issuing government

9Overall assessment of the Quality of Information Available and Considered in Determining theCredit Rating as Required by Paragraph (a)(1)(ii)(l) of Rule 17g-7
JCR holds its basic policies for securing the quality of information as a base of due diligence for thedetermination of credit ratings. The information used as a base for the determination of credit ratingherewith presented satisfies such policies, which include the audit by an independent auditor, thepublication by the issuer, some independent media or, otherwise, JCR analyst’s scrutiny, etc.
JCR sees no particular weakness in the quality of information used for the determination of thecredit rating herewith presented as compared to the information used in other cases of the credit
rating for comparable issuers or ratable objects.
If the credit rating is an Indication, please see the report for Indication.

10 Information Relating to Conflicts of Interest as Required by Paragraph (a)(1)(ii)(J) of Rule 17g-7
JCR receives payment of compensation for the determination of the credit rating herewith presented
from either one of those parties who are issuer, underwriter, depositor or sponsor.
JCR did not receive in the last fiscal year in the past payment of compensation from the same party
for any kind of JCR’s service other than the determination of public or private credit rating, such as
one in the ancillary business.

or Measure of the Potential Volatility of the Credit Rating as Required by Paragraph
11 Explanation(a)(1)(ii)(K) of Rule 17g-7
A) Economic Base
The credit rating is subject to alteration if there is an improvement or deterioration of the issuer’s
economy or financial systems, etc. The resultant alteration of the credit rating is usually by a notch,with possibility of a few notches if and when the change is large.
B) Fiscal Base
The credit rating is subject to alteration if the issuer increases/ decreases its fiscal deficit/ surplus andits public debt and thereby makes given debt payment liability less/ more bearable. The resultant
alteration of the credit rating is usually by a notch, with possibility of a few notches if and when thechange is large.
C) External Positions
The credit rating is subject to alteration if there is a change in the issuer’s international balance of
payments and international investment position and thereby an improvement/ deterioration of its
3/5

liquidity positions. The resultant alteration of the credit rating is usually by a notch, with possibility ofa few notches if and when the change is large.

D) Social and Political Bases and Economic Policy
The credit rating is subject to alteration if there is a change in the issuer’s social and politicalconditions or economic/ monetary policies, etc. and thereby an improvement/ deterioration of its
economy and fiscal positions. The resultant alteration of the credit rating is usually by a notch, withpossibility of a few notches if and when the change is large.
E) Related Parties’ Stance of Support/ Assistance for the Issuer
The credit rating is subject to alteration if there is a change in the credit enhancement provider or otherrelated parties with regard to their stance of support/ assistance for the issuing government and thereby
an improvement/ deterioration of its economy, fiscal positions and liquidity positions. The resultant
alteration of the credit rating is usually a notch, with possibility of a few notches if and when thechange is large.

F) Order of Seniority in Debt Payment
The credit rating is subject to alteration if there is a change in the rated debt’s status in the order ofseniority relative to other debts, due to improvement/ deterioration of the issuer’s fiscal condition
and/or will. The resultant alteration of the credit rating is usually a notch, with possibility of a few
notches if and when the change is large.
G) International Economies
The credit rating is subject to alteration if there is a change in the international economies, commodity
or foreign exchange markets, etc. and thereby, through international balance of payments, animprovement/ deterioration in the issuer’s fiscal balance or debt payment capacity. The resultant
alteration of the credit rating is usually by a notch, with possibility of a few notches if and when thechange is exceptionally large.
H) Various Events
The credit rating is subject to alteration on occurrence of various events, such as domestic unrest, war,
natural disaster, etc. which are unforeseeable at the time when the credit rating is determined, causing
a significant change on the issuer’s economy, fiscal positions, etc. The resultant alteration of the credit
rating could be by a notch but more often than not as much as a few notches.

12

Information on the Content of the Credit Rating, Including the Historical Performance of the Credit
Rating and the Expected Probability of Default and the Expected Loss in the Event of Default as
Required by Paragraph (a)(1)(ii)(L) of Rule 17g-7
Historical records of the credit rating herewith presented are posted in the end of this paper.
The credit rating herewith presented by JCR is its summary opinion with regard to the likelihood ofgiven debt payment and hence not necessarily a perfect representation of such likelihood. The credit
rating is not intended to estimate the probability of default or the loss on given default, either.
Facts of the probability of default are posted as Form NRSRO Exhibit 1 on the JCR website under
the URL:
https://www.jcr.co.jp/en/service/company/regu/nrsro/on the Sensitivity of the Credit Rating to Assumptions Made as Required by Paragraph
13 Information(a)(1)(ii)(M) of Rule 17g-7
A) Economic Base
The credit rating herewith presented could be changed if and when the assumptions made at the timeof its determination turn out to be inaccurate with regard to the issuer’s economy or financial systems,
etc. The resultant change of the credit rating is most likely by a notch, as JCR speculates, but possiblyas much as a few notches if the development is rapid in improvement or deterioration of the issuer’s
economy or financial systems on some drastic change in environments, etc.

4/5B) Fiscal Base
The credit rating herewith presented could be changed if and when the assumptions made at the timeof its determination turn out to be inaccurate with regard to the issuer’s fiscal conditions in terms ofannual balance or public debt. The resultant change of the credit rating is most likely by a notch, as
JCR speculates, but possibly as much as a few notches if the development is rapid in improvement or
deterioration of the issuer’s fiscal condition on some drastic change in its economy.
C) External Positions
The credit rating herewith presented could be changed if and when the assumptions made at the timeof its determination turn out to be inaccurate with regard to the issuer’s liquidity positions reflecting
improvement or deterioration of the international balance of payments and the international
investment position. The resultant change of the credit rating is most likely by a notch, as JCR
speculates, but possibly as much as a few notches if the development is rapid in improvement or
deterioration of the issuer’s liquidity positions on some drastic change in the country’s economic/
fiscal conditions and financing activities, etc.
D) Social and Political Bases and Economic Policies
The credit rating herewith presented could be changed if and when the assumptions made at thetime of its determination turn out to be inaccurate with regard to the issuer’s social and politicalbases and economic/ monetary policies. The resultant change of the credit rating is most likely by
a notch, as JCR speculates, but possibly as much as a few notches if the country’s situation
changes drastically, making the issuer’s social and political bases and economic/monetary
policies significantly improved or deteriorated.
E) International Economics
The credit rating herewith presented could be changed if and when the assumptions made at the timeof its determination turn out to be inaccurate with regard to the prospects of the international
economies or commodity/ foreign exchange markets, etc. JCR expects the change should be most
likely by a notch but could be as much as a few notches, should the economy or the markets change sogreatly.
on the Representations, Warranties, and Enforcement Mechanisms of an Asset14 Information
backed Security as Required by Paragraph (a)(1)(ii)(N) of rule 17g-7
The credit rating herewith presented is not for an ABS product, and hence no relevant issue.

Japan Credit Rating Agency, Ltd.
Jiji Press Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan
Tel. +81 3 3544 7013, Fax. +81 3 3544 7026

5/5

The Historical Performance of the Credit Rating
Issuer Name

Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary
Hungary

Issue Name

Publication Date

RatingOutlook/Direction

Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Japanese Yen Bonds-Seventh
Series (2020)
Japanese Yen Bonds-Seventh
Series (2020)
Japanese Yen Bonds-Eighth
Series (2020)
Japanese Yen Bonds-Eighth
Series (2020)
Japanese Yen Bonds-First Series(2020) (Green Bonds)

November 25, 1999
December 1, 2000
January 9, 2002
May 16, 2003
March 22, 2004
June 17, 2005
February 23, 2006
October 4, 2006
April 4, 2007
March 7, 2008
October 21, 2008
December 18, 2008
April 10, 2009
March 5, 2010
March 31, 2011
April 3, 2012
March 14, 2013
March 18, 2014
March 25, 2015
February 17, 2016
February 21, 2017
March 1, 2018
March 27, 2019
February 21, 2020
February 3, 2021
May 16, 2003
March 22, 2004
June 17, 2005
February 23, 2006
October 4, 2006
April 4, 2007
March 7, 2008
October 21, 2008
December 18, 2008
April 10, 2009
March 5, 2010
March 31, 2011
April 3, 2012
March 14, 2013
March 18, 2014
March 25, 2015
February 17, 2016
February 21, 2017
March 1, 2018
March 27, 2019
February 21, 2020
February 3, 2021

AAAA
A
A
A
AAA#ABBB+
BBB+
BBB+
BBB+
BBB
BBB
BBB
BBB
BBB
BBB+
BBB+
BBB+
AAA+
A+
A+
A
A
A
A
#A
AAAABBB+
BBB+
BBB+
BBB+
BBB+
AAAA
A

Positive
StableStableStableStableStableStableStableNegative
Negative
Negative
StableNegative
Negative
Negative
StableStablePositive
StableStablePositive
StableStableStableStableStableStableStableStableStableNegative
Negative
Negative
StableNegative
Negative
Negative
StableStablePositive
StableStablePositive
StableStableSeptember 11, 2020

A-

February 3, 2021

A-

September 11, 2020

A-

February 3, 2021

A-

September 11, 2020

A-

1/2

The Historical Performance of the Credit Rating
Issuer Name

Hungary
Hungary
Hungary

Issue NameJapanese Yen Bonds-First Series(2020) (Green Bonds)
Japanese Yen Bonds-Second
Series (2020) (Green Bonds)
Japanese Yen Bonds-Second
Series (2020) (Green Bonds)

2/2

Publication Date

RatingFebruary 3, 2021

A-

September 11, 2020

A-

February 3, 2021

A-

Outlook/Direction

The Historical Performance of the Credit Rating
Issuer Name

National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary
National Bank of Hungary

Issue Name

Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(LC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)
Issuer(Long-term)(FC)

1/1

Publication Date

RatingOutlook/Direction

February 23, 2006
October 4, 2006
April 4, 2007
March 7, 2008
October 21, 2008
December 18, 2008
April 10, 2009
March 5, 2010
March 31, 2011
April 3, 2012
March 14, 2013
March 18, 2014
March 25, 2015
February 17, 2016
February 21, 2017
March 1, 2018
March 27, 2019
February 21, 2020
February 3, 2021
February 23, 2006
October 4, 2006
April 4, 2007
March 7, 2008
October 21, 2008
December 18, 2008
April 10, 2009
March 5, 2010
March 31, 2011
April 3, 2012
March 14, 2013
March 18, 2014
March 25, 2015
February 17, 2016
February 21, 2017
March 1, 2018
March 27, 2019
February 21, 2020
February 3, 2021

A
A
A
A
#A
AAAABBB+
BBB+
BBB+
BBB+
BBB+
AAAA
A
A
AAA#ABBB+
BBB+
BBB+
BBB+
BBB
BBB
BBB
BBB
BBB
BBB+
BBB+
BBB+
AA-

StableStableStableStableNegative
Negative
Negative
StableNegative
Negative
Negative
StableStablePositive
StableStablePositive
StableStableStableStableStableStableNegative
Negative
Negative
StableNegative
Negative
Negative
StableStablePositive
StableStablePositive
StableStableAttachment

Attestation Required by Paragraph (a)(1)(iii) of Rule 17g-7

I, Toshihiko Naito, have responsibility to this Rating Action and to the best of my knowledge:

A) No part of the credit rating was influenced by any other business activities.
B) The credit rating was based solely upon the merits of the obligor, security, or money market
instrument being rated.
C) The credit rating was an independent evaluation of the credit risk of the obligor, security, or
money market instrument.

Japan Credit Rating Agency, Ltd.
Jiji Press Building, 5-15-8 Ginza, Chuo-ku, Tokyo 104-0061, Japan
Tel. +81 3 3544 7013, Fax. +81 3 3544 7026