Fitch Ratings, the international rating agency on Wednesday announced that it has downgraded Hungary's long-term local currency rating to 'A' from 'A+' and revised the outlook on the local currency rating to 'stable' from 'negative'. At the same time the agency affirmed the long-term foreign currency rating at 'A-' (A minus), the short-term rating at 'F2' and the country ceiling at 'A+'. The outlook on the long-term foreign currency rating remains negative. Budget woes are behind the downgrade. The National Bank of Hungary's Monetary Council will hold its next rate-setting meeting on 24 January. Analysts and fund managers have so far typically expected a 50 basis point cut. Now we asked market players whether Fitch's move would influence the outcome of the rate decision. The market is mixed about the possible impact of today's move."

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Allianz Hungária announced that it has introduced new features to serve its motor third party liability insurance customers, and has further strengthened its position as the market leader in the country.
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Health Minister Jenõ Rácz announced that the government will not raise prices of about 6,000 types of prescription drugs.
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Fredrik Ljungberg, Henrik Larsson and Anders Svensson were all on target as a Sweden, without the injured Zlatan Ibrahimovic, brushed aside Hungary in Stockholm.
Ljungberg opened the scoring midway through the first half and that's the way it stayed until five minutes after the interval, when Barcelona striker Larsson made it 2-0.


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Three potential investors placed submitted their bids on Tuesday for a majority stake in exhibition organisation company Hungexpo Rt, state privatisation agency ÁPV said in a statement.

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OTP chief Sándor Csányi has acquired exclusive ownership in Alexand-Air Kft, an aircraft hiring and carrier company, business daily Napi Gazdaság reported. Alexand-Air, which has registered capital of Ft 50 million, was jointly established by business tycoon Kristóf Nobilis in 2003 and sold to OTP Rt deputy-CEO Zoltán Spéder last year. Csányi is now said to have taken over the company through assignment. (NG 1) S.F.

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HP Magyarország Kft has won a procurement tender to set up an IT platform for the municipality of Eger and a number of surrounding towns for a gross Ft 617 million.
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Irish low-cost carrier EUjet is set to launch flights between Budapest and Manston, Kent, from March, the company confirmed last week. Starting on March 28, two weekly flights will connect Kent International Airport – 50 miles east of London – with Budapest’s Ferihegy Airport.

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Hungary’s largest telecom, Matáv Rt, is likely to acquire Montenegro’s state telecom company, but this might not be a very advantageous deal for Matáv and needs to be followed by some larger buyouts, analysts told the BBJ.

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Hungary's budget should stay on course both in January and all of 2005, Finance Minister Tibor Draskovics said on Tuesday, voicing confidence the new EU member will avoid overshoots that have plagued it in the past.

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A majority of the 191-member General Assembly agreed to a special session this month to mark the 60th anniversary of the liberation of Nazi concentration camps, the United Nations announced on Tuesday.

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Hungary's second National Development Plan (NFT), a program governing the use of EU funds in 2007-2013, could facilitate developments totaling HUF 15 trillion (USD 79 billion) in the country over the period, prime minister Ferenc Gyurcsany said at a conference on national development.
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Malév Hungarian Airlines Rt. will receive neither a capital raise nor other forms of subsidies from its 99.95% owner, the State Privatization and Asset Management Rt. (ÁPV).

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Top executives of Hungary’s largest bank OTP Bank Rt. have been buying and selling large numbers of OTP shares recently, cashing in on skyrocketing share prices.

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The National Associations of Hungarian Auto Dealers (MGOE) announced that it would sue the Hungarian state, claiming that the registration fee introduced last year and fees imposed on used cars of 4–8 years old 50% higher than on new ones, should be paid in proportion to the value of the car.
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