NEW YORK (MarketWatch) -- Standard & Poor's said late Wednesday that it may downgrade Hungary's BBB+/A-2 sovereign credit rating, citing concerns over mounting financial-sector funding pressures and their potential to raise general government debt materially from its current level of 67% of GDP. S&P put Hungary's rating on credit watch with negative implications. "Domestic and foreign-owned banks are facing sharply higher financing costs and reduced access to international markets," said Standard & Poor's credit analyst Kai Stukenbrock in a statement. Hungary is battling to contain the turmoil roiling its financial markets. Its currency and stock market have suffered steep declines in recent days.
