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Moody's changes Hungary's outlook to negative

Moody's Investors Service announced yesterday it changed the outlook on the Republic of Hungary's A1-rated medium- to long-term foreign and local currency government bonds and notes and the country's ceiling for foreign currency bank deposits to negative from stable. The outlook for Hungary's foreign currency country ceiling for bonds and notes was changed to "developing," pending resolution of Moody's policy on foreign currency country ceilings for medium- to long-term bonds and notes. Hungary's country guideline for local currency obligations and its local currency bank deposit ceiling remain at Aaa and are not affected by the outlook change, the announcement noted.