Wednesday, 9 February 2011

Jordan ‘Resilient’ as Moody’s Lowers Outlook, S&P Cuts to Junk - Bloomberg

Jordan’s economy is “resilient” and can withstand regional political turmoil and higher commodity prices, central bank Governor Faris Sharaf said after the country’s local-currency rating was cut to junk and its sovereign debt outlook was lowered.

Protests that have unseated Tunisia’s ruler and threatened Egypt’s President Hosni Mubarak aren’t a comparable problem for Jordan because “there is very clearly a reform momentum both politically and economically,” Sharaf said today in a phone interview from Jordan.

Standard & Poor’s Ratings Services cut Jordan’s long-term local-currency rating to BB+ while Moody’s Investors Service changed the outlook on Jordan’s Ba2 foreign-currency government bond rating to negative from stable. King Abdullah last week dismissed his government in response to demonstrations organized by opposition groups demanding improvements in living standards.

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