S&P lowers Hungary to negative

Standard & Poor's said it revised the outlook on its long-term ratings on Hungary to negative from stable.

The agency also said it affirmed the country's BB/B long- and short-term sovereign credit ratings.

S&P also said it revised the country's transfer and convertibility assessment to BBB- from BBB, reflecting the interventionist nature of the Hungarian government.

The outlook on the National Bank of Hungary's long-term issuer credit rating of BB also was revised to negative from stable, the agency said. It is Hungary's central bank.

The outlook revision reflects a belief that the predictability and credibility of Hungary's policy framework has continued to weaken, S&P said.

This is partly due to policy decisions that raise questions about the independence of oversight institutions, the agency said, and hence their credibility.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.