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Hungary CDS spreads fall on S&P assessment of restructuring plan

The cost of insuring Hungary's sovereign debt fell in trade in London on Thursday after Standard & Poor's affirmed the country's rating an gave a positive assessment of the government's Széll Kálmán structural reform program.

Analysts at CMA DataVision said credit default swap (CDS) spreads on Hungarian sovereign debt were around 264bp on Thursday, down from 270.9bp after the previous close. The spreads show it costs about 264,000 to insure €10 million of sovereign debt.

CDS spreads for Hungarian debt were near 400bp in the first week of January.