Nov. 7 (Bloomberg) -- Hungary had its foreign-debt rating cut one step to A3 by Moody's Investors Service.

The rating is six levels below the highest grade.

``Since the onset of the global liquidity crisis, the country's access to external market-based funding has been much more constrained than previously,'' Moody's said today in a statement from New York.

To contact the reporters on this story: Lukanyo Mnyanda in London at lmnyanda@bloomberg.net

Last Updated: November 7, 2008 09:49 EST