Saudi Gazette - Egypt’s outlook negative:
"Moody’s Investors Service has Wednesday affirmed Egypt’s Caa1 government bond rating and is maintaining the negative rating outlook.
Therating affirmation is supported by the following considerations: (1) The substantial boost in Egypt’s international liquidity provided by the $12 billion external financial support package from the governments of Saudi Arabia (Aa3 stable), Kuwait (Aa2 stable) and the United Arab Emirates (Aa2 stable); (2) The road map laid out by the interim, military-installed government for a return to democracy by early 2014; and (3) The recent containment of the government’s debt-financing costs, below post-Revolution peaks.
The maintenance of the negative outlook on Egypt’s Caa1 rating is driven by Moody’s view of the country’s considerable economic and political challenges."
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