X-S&P Keeps Hungary Ratings On Watch Negative
2011-11-24 17:28:02.697 GMT
LONDON (Standard & Poor's) Nov. 24, 2011--Standard & Poor's Ratings Services today maintained its CreditWatch on the 'BBB-/A-3' foreign- and local-currency sovereign credit ratings on the Republic of Hungary. The ratings were initially placed on CreditWatch with negative implications on Nov. 11, 2011.
The 'BBB-' long-term rating on the National Bank of Hungary will also remain on CreditWatch with negative implications for the same period.
The CreditWatch status reflects our view of the likelihood of a downgrade if economic growth prospects and fiscal and external performance are impaired by weaker predictability and credibility of Hungary's policy framework. However, the terms of an IMF/EU program, particularly one including a financing package, may head off those policy consequences.
