Moody’s “may have been more influenced by the hysteria around private pension funds,” which the government is funneling into the budget, the Budapest-based daily cited Varga as saying.
Moody’s downgraded Hungary to Baa3, its lowest investment grade, with a negative outlook. The decision brought the Moody’s rating in line with Standard & Poor’s. Fitch Ratings ranks Hungary one step higher at BBB.
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