{"id":158024,"date":"2026-01-16T14:43:16","date_gmt":"2026-01-16T14:43:16","guid":{"rendered":"https:\/\/friss-hirek.hu\/index.php\/kazahsztannal-es-a-fulop-szigetekkel-teszi-egy-csoportba-magyarorszagot-a-hitelminositoi-besorolasa\/friss-hirek\/"},"modified":"2026-01-16T14:43:16","modified_gmt":"2026-01-16T14:43:16","slug":"kazahsztannal-es-a-fulop-szigetekkel-teszi-egy-csoportba-magyarorszagot-a-hitelminositoi-besorolasa","status":"publish","type":"post","link":"https:\/\/friss-hirek.hu\/index.php\/kazahsztannal-es-a-fulop-szigetekkel-teszi-egy-csoportba-magyarorszagot-a-hitelminositoi-besorolasa\/uzlet\/","title":{"rendered":"Kazahszt\u00e1nnal \u00e9s a F\u00fcl\u00f6p-szigetekkel teszi egy csoportba Magyarorsz\u00e1got a hitelmin\u0151s\u00edt\u0151i besorol\u00e1sa"},"content":{"rendered":"<p><strong>Magyarorsz\u00e1g dr\u00e1g\u00e1bban tud k\u00fclf\u00f6ldi hitelt felvenni, mint a t\u00f6bbi uni\u00f3s orsz\u00e1g ugyanabban a hitelmin\u0151s\u00edt\u00e9si kateg\u00f3ri\u00e1ban. <\/strong><\/p><div id=\"friss-924556120\" class=\"friss-etarget friss-entity-placement\"><script type=\"text\/javascript\" id=\"etargetScript7a9b589f63cb072bef80df221f46a22b\">function etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b(){var e=\"etargetPostload7a9b589f63cb072bef80df221f46a22b\",t=\"etargetScript7a9b589f63cb072bef80df221f46a22b\",o=document.getElementById(e);if(o){for(var n=o.offsetTop,d=o.offsetLeft,r=o.offsetWidth,a=o.offsetHeight;o.offsetParent;)o=o.offsetParent,n+=o.offsetTop,d+=o.offsetLeft;var i=(n<=window.pageYOffset+window.innerHeight&&d<window.pageXOffset+window.innerWidth&&n+a>window.pageYOffset&&d+r>window.pageXOffset);if(i&&etargetAllowOtherCheck){allowed=!1;var c=document.createElement(\"script\");return c.src=\"\/\/hu.search.etargetnet.com\/generic\/uni.php?g=ref:58661,area:700x210\",void(document.getElementById(t)&&document.getElementById(e)&&(document.getElementById(t).parentNode.appendChild(c),document.getElementById(t).parentNode.removeChild(document.getElementById(t)),document.getElementById(e).parentNode.removeChild(document.getElementById(e)),document.removeEventListener(\"scroll\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.removeEventListener(\"resize\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.removeEventListener(\"DOMContentLoaded\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b)))}}}var etargetDivID=\"etargetPostload7a9b589f63cb072bef80df221f46a22b\",etargetScriptID=\"etargetScript7a9b589f63cb072bef80df221f46a22b\",etargetPostloadPoint=document.createElement(\"div\");etargetPostloadPoint.id=etargetDivID;var etargetCurScript=document.getElementById(etargetScriptID);etargetCurScript.parentNode.appendChild(etargetPostloadPoint),document.addEventListener(\"scroll\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.addEventListener(\"resize\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.addEventListener(\"DOMContentLoaded\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b);var etargetAllowOtherCheck=!0;if(typeof(\"forceRunPostload\")==\"string\"){etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b()}<\/script><\/div>\n<p><strong>Mi t\u00f6rt\u00e9nt?<\/strong> A magyar k\u00f6tv\u00e9nykibocs\u00e1t\u00e1sok siker\u00e9nek ellen\u00e9re az el\u00e9rt hozamszintek tov\u00e1bbra is a magyar \u00e1llamad\u00f3ss\u00e1g viszonylag magas kock\u00e1zati meg\u00edt\u00e9l\u00e9s\u00e9t t\u00fckr\u00f6zik, der\u00fcl ki a GKI Gazdas\u00e1gkutat\u00f3 elemz\u00e9s\u00e9b\u0151l. Magyarorsz\u00e1g 2026 elej\u00e9n 3 milli\u00e1rd eur\u00f3 \u00e9rt\u00e9kben bocs\u00e1tott ki eur\u00f3k\u00f6tv\u00e9nyeket, a befektet\u0151i kereslet azonban ennek t\u00f6bb mint h\u00e1romszoros\u00e1t, 10 milli\u00e1rd eur\u00f3t is meghaladta. A finansz\u00edroz\u00e1s k\u00e9t sorozatban val\u00f3sult meg, a 7 \u00e9ves futamidej\u0171 k\u00f6tv\u00e9ny hozama 4,25 sz\u00e1zal\u00e9k, a 12 \u00e9ves\u00e9 4,875 sz\u00e1zal\u00e9k lett.<\/p>\n<p>Az \u00e1llam finansz\u00edroz\u00e1si k\u00f6lts\u00e9geit alapvet\u0151en az orsz\u00e1gkock\u00e1zati fel\u00e1r is meghat\u00e1rozza, ami szorosan \u00f6sszef\u00fcgg a nemzetk\u00f6zi hitelmin\u0151s\u00edt\u0151k \u00e9rt\u00e9kel\u00e9s\u00e9vel. Magyarorsz\u00e1g jelenleg mindh\u00e1rom nagy hitelmin\u0151s\u00edt\u0151n\u00e9l m\u00e9g befektet\u00e9sre aj\u00e1nlott kateg\u00f3ri\u00e1ban szerepel, de k\u00e9t esetben a s\u00e1v als\u00f3 r\u00e9sz\u00e9n, negat\u00edv kil\u00e1t\u00e1ssal, m\u00edg a harmadikn\u00e1l mind\u00f6ssze egy fokozattal a \u201eb\u00f3vli\u201d felett, szint\u00e9n negat\u00edv kil\u00e1t\u00e1s mellett. <\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Ez a besorol\u00e1s olyan orsz\u00e1gokkal helyezi egy csoportba Magyarorsz\u00e1got, mint Kazahszt\u00e1n, India vagy a F\u00fcl\u00f6p-szigetek. <\/p>\n<\/blockquote>\n<p>Az EU-n bel\u00fcl Olaszorsz\u00e1g, G\u00f6r\u00f6gorsz\u00e1g, Rom\u00e1nia \u00e9s Bulg\u00e1ria tartozik ebbe a k\u00f6rbe, mik\u00f6zben a tag\u00e1llamok t\u00f6bbs\u00e9ge enn\u00e9l kedvez\u0151bb min\u0151s\u00edt\u00e9ssel rendelkezik.<\/p>\n<p><strong>Kontextus:<\/strong> A k\u00f6tv\u00e9nypiaci hozamok ezt a meg\u00edt\u00e9l\u00e9st visszaigazolj\u00e1k. A hossz\u00fa lej\u00e1rat\u00fa forintk\u00f6tv\u00e9nyek hozamai az uni\u00f3s mez\u0151ny fels\u0151 s\u00e1vj\u00e1ban vannak, m\u00edg az eur\u00f3ban kibocs\u00e1tott magyar \u00e1llampap\u00edrok hozama is meghaladja a hasonl\u00f3 besorol\u00e1s\u00fa orsz\u00e1gok\u00e9t, \u00e1ll a GKI elemz\u00e9s\u00e9ben. <\/p>\n<p>A min\u0151s\u00edt\u0151k \u00e9rt\u00e9kel\u00e9seiben kulcsszerepet j\u00e1tszanak a n\u00f6veked\u00e9si kil\u00e1t\u00e1sok, a k\u00f6lts\u00e9gvet\u00e9si egyens\u00faly \u00e9s az \u00e1llamad\u00f3ss\u00e1g fenntarthat\u00f3s\u00e1ga. Emellett hangs\u00falyos t\u00e9nyez\u0151 a gazdas\u00e1gpolitika kisz\u00e1m\u00edthat\u00f3s\u00e1ga, az int\u00e9zm\u00e9nyi k\u00f6rnyezet, a jegybank hiteless\u00e9ge, az infl\u00e1ci\u00f3 \u00e9s az \u00e1rfolyam alakul\u00e1sa, valamint az uni\u00f3s forr\u00e1sokhoz val\u00f3 hozz\u00e1f\u00e9r\u00e9s.<\/p>\n<p>A k\u00f6lts\u00e9gvet\u00e9si hi\u00e1ny 2025-ben megk\u00f6zel\u00edtette az 5 sz\u00e1zal\u00e9kot, \u00e9s a korm\u00e1ny v\u00e1rakoz\u00e1sai szerint 2026-ban is ezen a szinten maradhat. A piaci konszenzus ugyanakkor a korm\u00e1ny\u00e9n\u00e1l alacsonyabb, 2 sz\u00e1zal\u00e9k k\u00f6r\u00fcli gazdas\u00e1gi n\u00f6veked\u00e9ssel sz\u00e1mol, ami a kamatkiad\u00e1sok magas szintje mellett tov\u00e1bbi kock\u00e1zatot jelenthet a hi\u00e1nyc\u00e9l teljes\u00fcl\u00e9s\u00e9re. <\/p>\n<figure class=\"wp-block-image size-large\">\n<div class=\"photo-credit-wrapper\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/cdn.forbes.hu\/uploads\/2026\/01\/CRA-cikk-abrak.webp?r=eyJ3IjoxNTAwLCJxIjo5MCwicyI6InBuZyJ9\" alt=\"\" class=\"wp-image-737922\" \/><\/div>\n<\/figure>\n<p><!-- No email blocks found --><\/p>\n<p>The post <a href=\"https:\/\/forbes.hu\/penz\/kazahsztannal-es-a-fulop-szigetekkel-teszi-egy-csoportba-magyarorszagot-a-hitelminositoi-besorolasa\/\">Kazahszt\u00e1nnal \u00e9s a F\u00fcl\u00f6p-szigetekkel teszi egy csoportba Magyarorsz\u00e1got a hitelmin\u0151s\u00edt\u0151i besorol\u00e1sa<\/a> appeared first on <a href=\"https:\/\/forbes.hu\/\">Forbes.hu<\/a>.<\/p><div id=\"friss-705721822\" class=\"friss-etarget-cikk-vege friss-entity-placement\"><script type=\"text\/javascript\" id=\"etargetScript7a9b589f63cb072bef80df221f46a22b\">function etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b(){var e=\"etargetPostload7a9b589f63cb072bef80df221f46a22b\",t=\"etargetScript7a9b589f63cb072bef80df221f46a22b\",o=document.getElementById(e);if(o){for(var n=o.offsetTop,d=o.offsetLeft,r=o.offsetWidth,a=o.offsetHeight;o.offsetParent;)o=o.offsetParent,n+=o.offsetTop,d+=o.offsetLeft;var i=(n<=window.pageYOffset+window.innerHeight&&d<window.pageXOffset+window.innerWidth&&n+a>window.pageYOffset&&d+r>window.pageXOffset);if(i&&etargetAllowOtherCheck){allowed=!1;var c=document.createElement(\"script\");return 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n=o.offsetTop,d=o.offsetLeft,r=o.offsetWidth,a=o.offsetHeight;o.offsetParent;)o=o.offsetParent,n+=o.offsetTop,d+=o.offsetLeft;var i=(n<=window.pageYOffset+window.innerHeight&&d<window.pageXOffset+window.innerWidth&&n+a>window.pageYOffset&&d+r>window.pageXOffset);if(i&&etargetAllowOtherCheck){allowed=!1;var c=document.createElement(\"script\");return c.src=\"\/\/hu.search.etargetnet.com\/generic\/uni.php?g=ref:58661,area:700x210\",void(document.getElementById(t)&&document.getElementById(e)&&(document.getElementById(t).parentNode.appendChild(c),document.getElementById(t).parentNode.removeChild(document.getElementById(t)),document.getElementById(e).parentNode.removeChild(document.getElementById(e)),document.removeEventListener(\"scroll\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.removeEventListener(\"resize\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b),document.removeEventListener(\"DOMContentLoaded\",etargetPostloadFunction7a9b589f63cb072bef80df221f46a22b)))}}}var etargetDivID=\"etargetPostload7a9b589f63cb072bef80df221f46a22b\",etargetScriptID=\"etargetScript7a9b589f63cb072bef80df221f46a22b\",etargetPostloadPoint=document.createElement(\"div\");etargetPostloadPoint.id=etargetDivID;var 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id=\"friss-3089721389\" class=\"friss-after-content_3 friss-entity-placement\">https:\/\/www.youtube.com\/watch?v=Pdnw4KiUWp0<\/div>","protected":false},"excerpt":{"rendered":"<p>Magyarorsz\u00e1g dr\u00e1g\u00e1bban tud k\u00fclf\u00f6ldi hitelt felvenni, mint a t\u00f6bbi uni\u00f3s orsz\u00e1g ugyanabban a hitelmin\u0151s\u00edt\u00e9si kateg\u00f3ri\u00e1ban. Mi t\u00f6rt\u00e9nt? A magyar k\u00f6tv\u00e9nykibocs\u00e1t\u00e1sok siker\u00e9nek ellen\u00e9re az el\u00e9rt hozamszintek tov\u00e1bbra is a magyar \u00e1llamad\u00f3ss\u00e1g viszonylag magas kock\u00e1zati meg\u00edt\u00e9l\u00e9s\u00e9t t\u00fckr\u00f6zik, der\u00fcl ki a GKI Gazdas\u00e1gkutat\u00f3 elemz\u00e9s\u00e9b\u0151l. Magyarorsz\u00e1g 2026 elej\u00e9n 3 milli\u00e1rd eur\u00f3 \u00e9rt\u00e9kben bocs\u00e1tott ki eur\u00f3k\u00f6tv\u00e9nyeket, a befektet\u0151i kereslet azonban [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-158024","post","type-post","status-publish","format-standard","hentry","category-uzlet"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/posts\/158024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/comments?post=158024"}],"version-history":[{"count":0,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/posts\/158024\/revisions"}],"wp:attachment":[{"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/media?parent=158024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/categories?post=158024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/friss-hirek.hu\/index.php\/wp-json\/wp\/v2\/tags?post=158024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}