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Hungary and Portugal credit rating downgraded

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Hungary and Portugal credit rating downgraded
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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-