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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.

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