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Credit ratings make forint fall

The forint traded at 286.81 to the euro around 2:15pm on Friday, weakening after Standard and Poor's revised its outlook for Hungary's sovereign rating to negative from stable.

The forint weakened from 285.50 past 287.00 to the euro after S+P announced the decision, made because "key components of the government's plan to consolidate public finances could prove harmful to Hungary's medium-term growth prospects".

The forint traded at 222.31 to the dollar around 2:15pm on Friday, weakening from 220.50 before the S+P announcement.

The softening followed another slip earlier in the day after Moody's said it put Hungary's sovereign rating on review for downgrade. (MTI)