S & P Downgrades Local Currency Ratings Of Hungary On Tax Concerns

Standard & Poor's has downgraded the long and short term local currency sovereign credit ratings of Hungary from 'A' and 'A 1' to 'A ' and 'A 2' respectively. The rating agency attributed the downgrades to concerns about the fiscal

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Standard & Poor’s has downgraded the long and short-term local currency sovereign credit ratings of Hungary from ‘A’ and ‘A-1’ to ‘A-‘ and ‘A-2’ respectively. The rating agency attributed the downgrades to concerns about the fiscal position ahead of the 2006 elections. The ‘A-‘ long-term and ‘A-1’ short-term foreign currency ratings were affirmed, with a stable outlook. Hungary is not expected to join the European currency before 2010.

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