A comparatively advanced economy within the 'BBB' category, with well diversified economic and export structures. Close economic and trade integration with the EU. A highly skilled and educated labor force. High public debt levels issued at relatively short maturities. High external leverage and external financing needs. One of the highest tax wedges on labor in the EU. The ratings on the Republic of Hungary reflects its comparatively advanced and diversified economy, with high levels of per capita GDP for the 'BBB' category. Constraining the ratings are the government's very high levels of debt and Hungary's dependence on external financing. Standard&Poor's Ratings Services' recent downgrade of Hungary reflects the adverse impact that a deteriorating international financial and economic environment,
