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Varga: Strong demand at bond issue shows confidence in Hungary

Ratings

Five-fold demand for a $2 billion dollar bond Hungary issued on Monday reflects investors’ long-term confidence in the country, Economy Minister Mihály Varga said. With this issue, Hungary can finance itself without any difficulty until mid-2014, Varga told commercial broadcaster InfoRádió.

 The market seems to be giving a much better assessment of Hungary’s performance than the credit rating agencies, he said.

“Shame on the rating agency that keeps the country in the ’junk’ category,” the minister said. Hungary would obviously benefit from better ratings “but it should first of all stand its ground in the market.”

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