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Hungarian business news from previous week – 25th week, 2021
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See below main business and financial news from the previous week:
MVM GETS INVESTMENT-GRADE RATINGS FROM S+P, FITCH
Wholly state-owned Hungarian energy company MVM was assigned investment-grade ratings by S+P Global Ratings and Fitch. MVM chairman-CEO György Kóbor said the ratings would further strengthen MVM group’s ties as a borrower and a business partner as well as clear the way for drawing resources on international markets.
Fitch said the ‘BBB’ rating reflects “MVM’s high market share and an integrated position across the various segments of the Hungarian electricity and gas markets”.
MAGYAR SUZUKI REVENUE FALLS 31 PC IN 2020
Net revenue of the local unit of Japanese car maker Suzuki fell by 31 percent to 1.656 billion forints (EUR 4.7bn) last year, Magyar Suzuki director of operations Róbert Krisztián said.
Magyar Suzuki turned out 112,475 vehicles at its plant in Esztergom, in northern Hungary) last year, and 111,044 of those cars were sold.
In 2019, around 185,000 of the cars produced at the plant were sold. Magyar Suzuki shut down production for six weeks in the spring of 2020 because of the pandemic. Krisztián said Suzuki plans to make around 143,000 vehicles in Esztergom this year.