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Japan Credit Rating downgrades Hungary's debts

The Japan Credit Rating (JCR) agency on Wednesday revised the ratings on Hungary's foreign currency long-term senior debts and bonds to A-/Stable from A, and affirmed the A/Stable rating on the local currency long-term senior debts of the country.

It simultaneously revised the ratings on foreign currency long-term senior debts and the bonds of the National Bank of Hungary (MNB) to A-/Stable from A, and affirmed the rating on local currency long-term senior bonds of the central bank.
JCR said the revision reflected the 2006 fiscal deficit swelling faster than JCR's projection and an uncertain prospect of the fiscal deficit reduction measures in the government's new euro convergence program. Over the past weeks three major ratings agencies, Standard and Poor's, Fitch and Moody's gave negative outlooks for Hungary but, unlike JCR, have not changed the ratings.