NY -- Standard&Poor's CreditWire 7/24/97 -- Standard&Poor's today has affirmed the Republic of Hungary's triple-'B'-minus long-term foreign currency rating and its single-'A'-minus local currency rating. At the same time, Standard&Poor's has affirmed Hungary's 'A-1' short-term local currency rating and assigns its 'A-3' short-term foreign currency rating. The outlook on the long-term ratings is stable. Hungary's ratings reflect: -- Successful stabilization of the economy, which has started to display a strong export and private investment driven growth accompanied by continuing reduction in inflation and interest rates. This year's 3%-4% GDP growth is expected to accelerate to 4%-5% in 1998 and 1999, with inflation declining to about 16%-17% by year-end 1997 and 12%-13% by end-1998. Steady
