Wednesday 19 October 2011

S&P downgrades Egypt on economic stability risks - The Economic Times

Standard & Poor's on Tuesday cut Egypt's credit ratings deeper into junk territory, saying the transition to a new government has increased risks to macroeconomic stability.

It warned another downgrade is possible if the political transition is less smooth than expected, making it more difficult to finance the government's borrowing requirements or the country's external needs.

S&P cut Egypt's foreign-currency rating to BB-minus from BB. The local-currency rating was cut by two notches, to BB-minus from BB-plus. All the ratings have a negative outlook.

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