LONDON (Standard&Poor's) March 24, 2011--Standard&Poor's Ratings Services said today that it has affirmed its 'BBB-/A-3' long- and short-term foreign and local currency sovereign credit ratings on the Republic of Hungary. The outlook on the ratings remains negative. The transfer and convertibility assessment on Hungary remains at 'A-'. "The ratings on the Republic of Hungary reflect our view of the potential for improvement in the Hungary's medium-term economic growth prospects based on the implementation of the Széll Kálmán plan, the government's expenditure-focused reform program announced in March 2010," Standard&Poor's credit analyst Trevor Cullinan said. In our view, if the plan is broadly implemented as the government currently envisages, it should significantly offset the negative impact
