In our opinion, the predictability of Hungary's policy framework continues to erode, weighing on the economy's medium-term growth prospects. As a result, we are placing the 'BBB-/A-3' foreign and local currency sovereign credit ratings on Hungary on CreditWatch with negative implications. We are also placing the 'BBB-' long-term counterparty credit rating on the National Bank of Hungary on CreditWatch with negative implications. On Nov. 11, 2011, Standard&Poor's Ratings Services placed its 'BBB-/A-3' foreign and local currency sovereign credit ratings on the Republic of Hungary on CreditWatch with negative implications. At the same time, we placed the 'BBB-' long-term counterparty credit rating on the National Bank of Hungary on CreditWatch with negative implications. The rating action reflects our view
