(Reuters) - Credit ratings agency S&P on Friday cut Hungary's long- and short-term foreign and local currency sovereign credit ratings to 'BBB-/A-3' from 'BBB/A-2', citing persistently high inflation and external pressures.
High energy prices and rising interest costs against an already high stock of public debt will pose challenges to the Hungarian government's consolidation plans, the agency said. (http://bitly.ws/zsMB)
S&P changed the country's outlook to "stable" from "negative".
(Reporting by Aatrayee Chatterjee and Richard Rohan Francis in Bengaluru)
