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Fitch says Hungary cut to junk unlikely in near future

Fitch Ratings sees no reason to downgrade Hungary’s debt to junk in the “very near future” as the government plans spending cuts to narrow its deficit, Bloomberg reported, citing Edward Parker, the head of emerging Europe sovereign ratings at Fitch. “Since we’ve just recently taken a rating action, there is no particular reason to think that we will necessary move in the very near future,” he said in an interview in Warsaw. Parker said a possible downgrade will depend on events and developments rather than on a particular time frame. Fitch cut Hungary’s credit rating to on notch above "junk on Dec. 23, along with Moody’s Investors Service and Standard & Poor’s.