Fitch Ratings on Thursday downgraded Egypt's debt grade by one notch, the third major agency to do so in as many days, citing the violent protests' consequences for the economy and public finances.
Fitch, whose downgrade follows similar moves this week by Moody's Investors Service and Standard & Poor's, warned that a continuation in the violence between pro- and anti-government protesters could lead to another ratings cut.
"The downgrade reflects the significant intensification of unrest, at the start of what is likely to be a volatile transition to a new government, and the increasingly negative consequences for the economy, public and external finances of the continuing disruption," said Richard Fox, head of Middle East and Africa Sovereign Ratings at Fitch.
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