Moody’s, rating agency, has downgraded Egypt’s sovereign bond ratings by one notch to B2 from B1, pushing it further into junk territory. It has also placed Egypt on review for a further downgrade.
In its statement on Wednesday, Moody’s said the downgrade was prompted by the political uncertainty being violently played out on Cairo’s streets and by Egypt’s precarious fiscal situation – in particular the imminent and increasing risk of a balance of payments crisis.
In its statement on Wednesday, Moody’s said the downgrade was prompted by the political uncertainty being violently played out on Cairo’s streets and by Egypt’s precarious fiscal situation – in particular the imminent and increasing risk of a balance of payments crisis.
No comments:
Post a Comment