S&P lowers Hungary view to negative

Standard & Poor's said it revised its outlook on the Republic of Hungary to negative from stable, on mounting fiscal challenges.

At the same time, the A- long-term and A-2 short-term sovereign credit ratings on Hungary were affirmed, the agency said.

S&P added the outlook revision reflects the increasing downside risks to Hungary's public finances, as evidenced by high general government deficits and quickly rising government debt figures, noting fiscal deficits also contribute to consistently high current account deficits and together these pose a risk to macroeconomic stability.

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