Fitch: Hungary outlook negative

Fitch Ratings said it affirmed Republic of Hungary's foreign-currency long-term issuer default rating of BBB+, short-term foreign-currency long-term issuer default rating of F2 and long-term local-currency long-term issuer default rating of A-. Its country ceiling was affirmed at A+.

The outlook was revised to negative from stable.

"The revision of outlook reflects Fitch's view that shocks from global financial turbulence and the likelihood of recession in the euro area have heightened downside credit risk given Hungary's high external debt stock, wide current account deficit and large external financing requirement," David Heslam, a director at Fitch, said in a written statement.

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