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.

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