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Moodys downgrades Hungarian government debt
AP - 2 hrs 26 mins ago
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BUDAPEST, Hungary (AP) — Credit ratings agency Moody's has downgraded Hungary's government bonds by two notches, citing worries about public finance policies and exposure to foreign financial shocks, such as the European debt crisis.

Moody's Investor Service said Monday it had cut the rating to Baa3 from Baa1 and kept its outlook as negative, meaning more downgrades are possible in the coming three months.

"The government's (financial) strategy largely relies on temporary measures rather than sustainable fiscal consolidation policies," said Dietmar Hornung, Moody's' senior credit officer and lead analyst for Hungary.

The agency has also cut Hungary's rating for foreign-currency debt and bank deposits.

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