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Fitch warns on Hungary political uncertainty

  Ratings agency Fitch said on Monday political uncertainty was rising in Hungary, warning failure to elect a new prime minister with the ability to continue austerity measures would be negative for creditworthiness.

Hungarian Prime Minister Ferenc Gyurcsány offered to resign on Saturday, calling for a constructive vote of no confidence.

“A failure to elect a Prime Minister with sufficient ambition and political support to continue with the fiscal austerity measures necessary to maintain access to international financial support will be negative for Hungary’s sovereign ratings,” said David Heslam, director in Fitch’s sovereign team.

Fitch had earlier placed the country -- which it rates as ‘BBB’ -- on negative outlook on its deteriorating economic outlook. (MTI-Econews)