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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-
More about: Economy, Financial Crisis, HungaryCopyright © 2012 euronews
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latest economy news
EU-Argentina trade friction increases- Eurozone citizens back common currency
- Athens stock market plunges
- Euro tumbles on German weakness
- UK economy in worse state than feared
- Foreign investors shun Italy and Spain
- IMF tells Britain ‘must try harder’
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- UK inflation eases
- Troika checks Portugal’s progress
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