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Borrowing costs decline at sale of three-month bills

Hungary's borrowing costs dropped at a sale of Ft 30 billion ($150 million) worth of three-month bills. The government's Debt Management Agency sold the securities at an average yield of 5.91%, 23 basis points less than at a sale a week ago of bills with the same maturity, the agency said. The agency had planned to sell 25 billion forint of bills. Hungary's long-term local-currency debt is rated A1 by Moody's Investors Service, four steps below the highest investment grade, and A- by Standard & Poor's, six levels from the top grade.