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S&P sees risk of downgrading Hungary
March 21, 2013 / 5:50 PM / 5 years ago

S&P sees risk of downgrading Hungary

BUDAPEST, March 21 (Reuters) - Standard & Poor’s revised Hungary’s rating to negative from stable on Thursday to indicate a potential for a downgrade if concerns over Hungary’s policy framework hurt economic growth prospects or boost financing costs, it said in a statement.

“The negative outlook reflects our view that there is at least a one-in-three possibility that we could lower the ratings over the next year if Hungary’s economic recovery weakens significantly, if banks accelerate their withdrawal of credit, or if we see external or government finances weaken materially,” it said.

The agency revised its outlook on its ‘BB’ long-term sovereign credit rating on Hungary to negative from stable and affirmed the ‘BB/B’ long- and short-term sovereign ratings on Hungary.

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