Fitch: Hungary notes BBB-

Fitch Ratings said it assigned the Republic of Hungary's €1 billion notes due Jan. 11, 2019 a BBB- rating.

The notes bear an annual interest rate of 6%, Fitch said.

The rating is in line with Hungary's BBB- long-term foreign-currency issuer default rating.

The ratings reflect a material worsening in the underlying medium-term budget position, while relatively high levels of public, external and domestic foreign-currency bank debt leave the country vulnerable to negative shocks, the agency said.

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