FRANKFURT (Standard&Poor's) Dec. 21, 2006--Standard&Poor's Ratings Services said today it revised its outlook on the sovereign credit ratings on the Republic of Hungary to stable from negative due to progress in fiscal consolidation. At the same time, the 'BBB+' long-term and 'A-2' short-term ratings were affirmed. "The outlook revision reflects the progress in pushing forward legislation and measures required to stabilize Hungary's rapidly rising general government debt burden," said Standard&Poor's credit analyst Kai Stukenbrock. "Years of fiscal profligacy have seriously undermined the credibility of fiscal policy, culminating in an expected general government deficit of 9.8% of GDP this year." Following the general elections in April 2006, however, the government's candid approach to the large
