Hungary’s Matolcsy ‘Sorry’ About Credit Rating Cut, MTI Says

Hungary’s government is “unsurprised but sorry” that Moody’s Investors Service cut the country’s sovereign credit rating by two steps to its lowest investment grade, MTI reported, citing Economy Minister Gyorgy Matolcsy.

Moody’s “didn’t take into account” that the government planned to reduce the budget deficit to less than 3 percent of economic output next year and that the Cabinet targeted a reduction in the debt level in 2011, Matolcsy said in an interview with the news service.

To contact the reporter on this story: Zoltan Simon in Budapest at zsimon@bloomberg.net

To contact the editor responsible for this story: Willy Morris at wmorris@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.