Sustained fiscal consolidation has limited the deterioration in Hungary's public finances, despite the pronounced economic contraction. The government's access to market-based funding is gradually normalizing. We are revising the outlook on the ratings to stable from negative. FRANKFURT (Standard&Poor's) Oct. 2, 2009--Standard&Poor's Ratings Services said today it revised the outlook on the Republic of Hungary to stable from negative. At the same time, we affirmed the 'BBB-/A-3' foreign and local currency sovereign issuer credit ratings. The transfer and convertibility assessment on Hungary remains at 'A-'. "The outlook revision reflects our view that sustained consolidation efforts will contain the deterioration in the Hungarian government deficit despite the downside pressures on the economy," said Standard&Poor's credit
