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S&P puts Hungary on review for a possible downgrade

Standard and Poor's (S&P) said it has put the credit ratings of Hungary on review for a possible downgrade due to deteriorating financial sector conditions.

S&P placed Hungary's “BBB+” foreign-currency ratings on “creditwatch negative” due to concerns over mounting financial-sector funding pressures and their potential to raise general government debt substantially, from its current level of 67% of GDP.

The ratings agency said it will likely make a decision on Hungary's ratings before the end of the year, after it studies the effectiveness and the cost of a package announced by the central bank to shore up the financial system. (MTI – Econews)