Standard & Poor's downgrades Hungary credit rating to junk

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Source: Bloomberg

Yesterday Hungary's credit ratings were cut from BBB- to BB+ by Standard & Poor's. EU and IMF postponed talks about aid package on concerns the Hungary's central bank law will weaken monetary policy independence. Hungary is likely to have slowest growth and highest debt among EU eastern countries next year. Moody's Investors Service already lowered nations rating to junk on November 24.

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