Rating agency Moody’s has left untouched the “stable” outlook of Hungary’s “Ba1” sovereign long-term foreign and domestic issuer rating, one notch under investment grade. Most analysts had expected an upgrade to “positive”. Minister for National Economy Mihály Varga had said a day earlier that based on its recent results Hungary “deserves” either a positive outlook or even an upgrade of its rating. Moody’s downgraded Hungary to “Ba1” from “Baa3” in November 2011. A further review this year is expected from Moody’s on November 6. Standard & Poor’s will review Hungary’s rating on September 18 and Fitch Ratings on November 20.