Bloomberg News

S&P Keeps Republic of Hungary Ratings on Credit Watch Negative

November 24, 2011

Nov. 24 (Bloomberg) -- Standard & Poor’s maintained its negative watch on the Republic of Hungary’s ratings after the country said it seeks a new agreement with the International Monetary Fund and the European Union.

S&P said the watch negative reflects its “opinion that the predictability of Hungary’s policy framework has lessened, affecting the economy’s medium-term growth prospects.”

The ratings service said it expects to resolve the watch rating by February 2012 after obtaining more information on how a potential IMF and EU deal would affect the country’s growth prospects and fiscal risks.

The watch is on the BBB-/A-3 foreign- and local-currency sovereign credit ratings of Hungary. The ratings were initially placed on watch with negative implications on Nov. 11, 2011.

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To contact the editor responsible for this story: Stefanie Batcho-Lino at sbatcholino1@bloomberg.net


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