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S&P affirms Hungary credit rating

Standard & Poor's Ratings Services said on Thursday that it had affirmed its 'BBB-/A-3' sovereign rating for Hungary with a negative outlook.

Standard & Poor's "has affirmed its 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on the Republic of Hungary. The outlook on the ratings remains negative," its statement said.

"The ratings on the Republic of Hungary reflect our view of the potential for improvement in the Hungary's medium-term economic growth prospects based on the implementation of the Széll Kálmán plan, the government's expenditure focused reform program announced in March 2010," Standard & Poor's credit analyst Trevor Cullinan said.