25 November 2011

HUNGARY: Moody's Joins Fitch In Junk Downgrade; Mortgage Blues Grow.


     Moody's and Fitch Ratings both agree...Hungary's sovereign credit rating is nothing but 'Junk'.
     Moody's has joined Fitch's earlier assessment...by cutting its rating because of Budapest's high debt level and weak growth.
   The third USA ratings giant...S/P...won't decide on Hungary's credit status until its negotiations with the EU and IMF are completed.
     PM Viktor Orban is calling it "a conspiracy against the forint" ...as the currency plunged vs the euro.
    AND: Many Hungarian homeowners are in trouble...and face eviction...because of mortgage payments priced in foreign currencies.