Moody’s has reduced the credit rating of Hungary from Baa3 to Ba1. The rating agency says that the rating may be reduced more due to its request for financial aid from the European Commission.
The rating agency says that further ability of Hungary to fulfill long-term consolidation of budget and reduce state expenses is uncertain. The Hungarian state debt increased from 75% of the GDP to 82% by September.
Fitch reduced the credit rating of Portugal from BBB- to BB+ earlier with a negative forecast. The short-term default rating was reduced from F3 to B with a negative forecast. The country ceiling was set at AAA.
