NY -- Standard&Poor's CreditWire 1/22/98 -- Standard&Poor's today revised its local and foreign currency outlook on the Republic of Hungary to positive from stable. Standard&Poor's affirmed its triple-'B'-minus long-term foreign currency sovereign credit rating, single-'A'-minus local currency sovereign credit rating, 'A-1' short-term local currency rating, and the 'A-3' short-term foreign currency rating on Hungary. The outlook revision and ratings affirmation are supported by Hungary's rapidly diminishing foreign debt burden, and increasingly favorable prospects for output and exports, reflecting successful implementation of structural reforms. Net external general government debt was reduced to 19% of exports in 1997, down from 40% in 1996 and 128% in 1994. Total net external debt declined to 49%, down from
