Moody's cuts Budapest's rating to junk due to row with national government
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Moody's has downgraded Budapest's credit rating to Ba1 from Baa3, citing weak liquidity and a financial dispute with the national government. The downgrade raises concerns about the city's ability to meet its obligations by December 2025. Mayor Gergely Karacsony attributed the downgrade to the government's tax policy, particularly the increased 'solidarity tax.' Ongoing legal disputes over this tax and the partial freezing of EU funds further complicate Budapest's financial situation. Moody's has placed the rating on review for a potential further downgrade due to increased default risk.
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