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Hungary and Portugal credit rating downgraded


Hungary and Portugal credit rating downgraded


Credit rating agency Fitch gave Hungary an unwelcome Christmas present on Thursday, downgrading the country to the brink of junk debt status – warning there was worse to come.

The decision came as the Hungarian parliament approved an extreme deficit-cutting budget which has alarmed markets.

Fitch cut their rating to BBB+ with a negative outlook.

It is bad news for Portugal too – they have been downgraded from A+ from AA-

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