Moody’s decision to postpone a review of Hungary’s sovereign rating last Friday may have been a disappointment but the ratings agency could still put the country back into investment grade at its next review in November, analysts told state news agency MTI on Saturday. Erste Bank chief analyst Gergely Urmossy said a November upgrade is possible but if the slowdown in economic growth seen in the first quarter continues – and if the UK’s exit from the EU exacerbates the situation – Hungary may still have to wait a while. The baseline scenario shows GDP growth stabilising in the coming quarters and reaching 2pc for the full year, while the impact of Brexit remains moderate, he said. ING Bank chief analyst Péter Virovácz said Moody’s decision to postpone the review was not so surprising considering the risks to the European as well as the Hungarian economy, firstly posed by Brexit. If the domestic economy does not experience any negative shocks and the situation is resolved, Moody’s will most probably upgrade Hungary, Virovácz added. CIB Bank senior analyst Mariann Trippon noted that, in practice, Moody’s usually waits a year between the time it changes the outlook for a sovereign rating and an upgrade. Moody’s had changed the outlook on Hungary’s sovereign rating to “positive” from “stable” last November. Péter Duronelly, a portfolio manager for Aegon Magyarorszag, said Hungary’s external debt is still high in international comparison, but the country’s vulnerability indicators have improved more than any of its emerging market peers in the past 5-6 years. The pricing of Hungary’s debt does not reflect its low sovereign rating, he said.