Fitch downgrades Hungary to 'BBB-', outlook negative.

By bne IntelliNews December 24, 2010
Fitch Ratings downgraded Hungary's long-term foreign currency issuer default rating (IDR) to 'BBB-' from 'BBB' and its long-term local currency IDR to 'BBB' from 'BBB+', the agency said in a statement on its website. The outlooks on the long-term IDRs remain negative. The agency has also downgraded the country ceiling to 'A-' from 'A' and affirmed the short-term foreign currency IDR at 'F3'. "The downgrade of Hungary's ratings reflects a material worsening in the underlying medium-term budget position, while relatively high levels of public, external and domestic foreigncurrency bank debt leave the country vulnerable to negative shocks, Fitch said. In related news, Fitch also said that the ratings of Hungarian oil and gas company MOL remained unaffected by the downgrade of Hungary's ratings.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Assets of Hungarys investment funds up 3.2% m/m in Feb 2013.

Hungary's investment funds had aggregate assets of HUF 3.657tn (EUR 11.98bn) as of end-February 2013, up by 3.2% m/m, MTI news agency reported citing data from the association of investment funds ... more

Hungary's number of employees down 0.6% y/y in Jan 2013.

The number of employees in Hungary's public and private sectors fell for the tenth straight month in January 2013 declining by 0.6% y/y to 2.574mn, the statistics office informed. The decline ... more

Hungarys MVM clears deal for purchasing E.ONs local units.

The assembly of state-owned Hungarian Electricity Works (MVM) has approved the purchase of the local gas business of German power utility E.ON, Hungary AM reported, citing local daily Magyar ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    7 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    7 days ago
  4. Don't mention the "D" word - Ukraine
    4 days ago
  5. UBN: The US Needs to Wake Up
    5 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    25 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    29 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    27 days ago
  5. Saudi Arabia to scale back plans for Neom city
    14 days ago

Reports

Dismiss