Hungary’s government was surprised by a decision by Fitch Ratings on Friday to downgrade Hungary’s sovereign rating, bringing it under investor grade, government spokesman Andras Giro-Szasz said.
Mr Giro-Szasz said the Hungarian currency had gained eight forints to the euro alone in the last day. Credit default swaps on Hungary’s government debt – a gauge of the cost of insuring against default – improved by 70bp, he added.
He said the government, including the prime minister, had made a number of statements in the past 24 hours clarifying the government’s intentions with regard to continuing talks with the European Union and the International Monetary Fund.
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