In our opinion, recent changes to the functioning of certain oversight institutions may further undermine Hungary's institutional effectiveness. We are revising our outlook on our 'BB' long-term sovereign credit rating on Hungary to negative from stable and affirming the 'BB/B' long- and short-term sovereign ratings on Hungary. The negative outlook indicates the potential for a downgrade if a deterioration of Hungary's policy framework weakens confidence and medium-term economic growth prospects, or significantly raises financing costs and leaves Hungary exposed to diminished capital inflows. We are also revising to negative from stable our outlooks on the 'BB' long-term issuer credit ratings on the National Bank of Hungary. On March 21, 2013, Standard&Poor's Ratings Services revised its outlook on its
