S&P puts Budapest ratings on watch with negative implications
Standard and Poor's Ratings Services on Monday said it placed the 'BBB-/A-3' foreign and local currency credit ratings on the City of Budapest on CreditWatch with negative implications.
The action followed the placement of the rating on the Republic of Hungary on CreditWatch with negative implications a week earlier.
The capital's indicative credit level (ICL) "reflects our view of Budapest's continuously strong budget performance, and the city administration's commitment to limiting nominal debt in 2011-2014 to close to the year-end 2010 level of HUF 173 billion (€570m).
The ICL on Budapest is constrained by our view that the city faces continuing pressure stemming from the weak financial performance of its public transport company," S&P said.
ADVERTISEMENT
New Tenant in Wing’s Hungária Office Park Development
BKK Steps up Airport Shuttle Bus Service
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
