Fitch downgrades Hungary credit rating to junk status

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Fitch Ratings on Friday downgraded Hungary's long-term foreign issuer default rating to BB+, shunting it into the junk category. The rating agency expressed concern about the independence of the National Bank of Hungary as a reason for the action.

Fitch left the local currency issuer default rating at BBB–, one notch above junk, but warned the outlook on the long-term issuer default rating remained negative.

The agency has also downgraded Hungary's short-term issuer default rating to B from F3,

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