LONDON (Standard&Poor's) Nov. 19, 2002--Standard&Poor's Ratings Services said today it lowered its long-term local currency sovereign credit and senior unsecured debt ratings on the Republic of Hungary to 'A' from 'A+', reflecting rising concerns over the government's ability to meet its medium-term fiscal deficit targets following the substantial fiscal expansion over the past two years. At the same time, Standard&Poor's affirmed all its other ratings on Hungary, including its 'A-' long-term foreign currency sovereign credit rating. The outlook is stable. "The government's medium-term fiscal strategy targets general government deficits of 4.5% and 3.0% of GDP in 2003 and 2004, respectively, down from an estimated 8.7% of GDP in 2002," said Standard&Poor's credit
