LONDON (AP) ? Hungary has had its debt downgraded by Fitch Ratings amid concerns over worsening public finances and fears that a high debt load leaves the country vulnerable to economic shocks.
Fitch said Thursday that Hungary's new government, which won a two-thirds majority in elections earlier this year, has set out plans that may weaken public finances.
The agency warned that the government's plans could worsen the underlying budget deficit by four percentage points over 2011/12 and said its assumption of 5 percent growth by 2013 is "optimistic."
As a result, Fitch said it has cut its rating on the country by one notch to triple B minus, one step away from junk status.
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