BUDAPEST, Hungary (AP)-Hungary has slammed a decision by Moody’s lowered the credit rating status of garbage, described Friday as an attack against the country’s finances are justified.
Hungary, last week asked the International Monetary Fund and the European Union may be financial assistance, to feel the impact of the debt crisis in the Euro zone countries, although 17 is not using the euro. Its economy has not grown as expected and the debt burden remained relatively high.
Late Thursday, Moody ‘s, one of the major international credit rating agencies are three pieces of the picture on the Hungarian Government bonds by one notch, from Baa3 to Ba1 and maintained a negative outlook. Move to junk status could mean that Hungary would find it increasingly difficult to borrow on financial markets and also have to pay higher premiums.
“It has no basis because, despite all the difficulties, external in one and a half years has been expressly benefit changes in most of the economic regions of Hungary,” the Ministry said Friday.
Illustrates the point, The mentioned account surplus, the Hungarian budget deficit that fell, cutting that significant for the country’s debt levels and economic growth that exceeds the EU average in the third quarter.