Moody's cuts Hungary's sovereign rating two notches to Baa3, just above "junk" grade, and warned...

|By:, SA News Editor

Moody's cuts Hungary's sovereign rating two notches to Baa3, just above "junk" grade, and warned of further cuts if the government fails to put public finances on a sustainable footing. The move was somewhat expected, but the two-notch slash took some economists by surprise, and sent the forint, government bonds, and stocks lower.