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

Dec. 6 (Bloomberg) -- 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