LONDON (Standard&Poor's) Jan. 12, 2004--Standard&Poor's Ratings Services said today it assigned its 'A-2' foreign currency short-term debt rating to the Republic of Hungary's (foreign currency A-/Stable/A-2; local currency A/Stable/A-1) new €500 stand-by facility. The €500 million loan is a 364-day stand-by facility with the option to roll over twice for another year. The rating on the facility equals the short-term foreign currency rating on the Republic of Hungary. "The ratings on Hungary reflect the government's continued commitment to structural reforms and market-oriented policies over recent years, which has supported the remarkable diversification and development of the Hungarian economy," said Standard&Poor's credit analyst Beatriz Merino. The ratings also reflect the government's moderate, albeit increasing, external
