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S&P lowers Hungary's sovereign debt to BB, outlook stable  Join our daily free Newsletter

MENAFN - 25/11/2012

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(MENAFN) Standard & Poor's stated that it has lowered the sovereign debt of Hungary to BB from BB, with stable outlook, reported Xinhua News.

The credit rating agency attributed the downgrade on the country's long-term foreign and local currency sovereign credit to the government's untraditional policies, including the exceptional measures carried out on the financial sector that could reduce the Hungarian medium-term growth potential.

On the other hand, the Hungarian national economy ministry said that S&P's move is not serious, as it recognizes the performance of the country's economy, and at the same time, it lowers it.

It added that the country is rated by investors and not by credit rating agencies.

 






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