All data is delayed
See More

S&P cuts Egypt rating on political strife

Dec 24 2012 04:05

Cairo - Standard & Poors' cut Egypt's long-term credit rating on Monday and said another cut was possible if political turbulence worsened, undermining the country's ability to make hard choices on public finances.

The agency reduced Egypt's long-term sovereign rating to 'B-' from 'B', but left its short-term rating at 'B' for both foreign- and local-currency debt.

"The negative outlook reflects our view that a further downgrade is possible if a significant worsening of the domestic political situation results in a sharp deterioration of economic indicators such as foreign exchange reserves or the government's deficit," S&P said.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

standard and poor's  |  egypt



Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you use all your downloaded apps on your smartphone?

Previous results · Suggest a vote