ERA presents a draft of its Methodology for Analyzing Relationships Between Rated Entities and the State under the International Scale
Monday, 10 December 2018

(hereinafter, the Methodology) and requests comments from market participants regarding its content. ERA suggests that market participants willing to provide comments send them in written form to Tibor Baniar ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it ) no later than 17.09.2018. ERA shall publish on its website all responses to the consultation, except in cases where a stakeholder has requested confidentiality. Following the consideration and incorporation of findings from the consultation, ERA will publish the final methodology.

This methodology is used to evaluate the influence that the state represented by the national government, regional and municipal authorities as well as other government institutions has on creditworthiness of rated entities, i.e., both financial and non-financial organizations. Rated entities, whose standalone creditworthiness assessments (SCA) have to be adjusted depending on the influence that the state has on them, are regarded as government-related rated entities. This implies that creditworthiness of such rated entity is determined not only by its standalone creditability, but also by its systemic importance for the national economy as well as by state influence on operating activities, financial standing and ownership structure of the rated entity.

DRAFT: GRE Methodology

ERA rates Hungary BBB, outlook Stable
Friday, 30 November 2018

ERA issues the following unsolicited credit rating for Hungary.

The unsolicited credit rating assigned to Hungary stems from a strong economy, sound private sector finances, and above average governance indicators. The rating is restricted by high government debt load, high structural deficits, and low foreign reserves indicators.
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ERA rates Eurasian Development Bank BBB+, outlook Stable
Friday, 09 November 2018

The credit rating of Eurasian Development Bank (hereinafter, EDB) is due to the support of member states in the group along with the moderately high systemic importance of funded projects, moderate business profile, high capital adequacy, weak risk profile, and adequate funding and liquidity position.