Economy of Hungary public sector spending falling from 62% of GDP to below 50%—the current account deficit was reduced to 2% of GDP, and government debt was paid down to 94% of annual export earnings. The Government of Hungary no longer requires IMF financial assistance and has repaid all of its debt to the fund. Consequently, Hungary enjoys favorable borrowing terms. Hungary's sovereign foreign currency debt issuance carries investment-grade ratings from all major credit-rating agencies, although recently the country was downgraded by Moody's, S&P and remains on negative outlook at Fitch. In 1995 Hungary's currency, the Forint (HUF), became convertible for all current
Kingdom of Hungary the Soviet occupation in 1946. The Kingdom of Hungary was a multiethnic state from its inception until the Treaty of Trianon and it covered what is today Hungary, Poland, Slovakia, Transylvania and other parts of what is now Romania, Carpathian Ruthenia (now part of Ukraine), Vojvodina (now part of Serbia), Burgenland (now part of Austria), and other smaller territories surrounding present-day Hungary's borders. From 1102 it also included Croatia, being in personal union with it, united under the King of Hungary. Today, the feast day of the first king Stephen I (20 August) is a national holiday in Hungary, commemorating