NEW YORK, March 21 Moody's Investors Service on
Thursday downgraded Egypt's sovereign foreign currency credit
rating to Caa1 form B3, citing unsettled political conditions,
and said risks of a default have increased.
The government's inability to secure financing from the
International Monetary Fund has exacerbated a lack of
predictability in the Middle East nation's economy and fiscal
The outlook on the credit is negative, Moody's said in a
Egypt is rated one notch higher at B-minus with a negative
outlook by Standard & Poor's while Fitch Ratings has Egypt two
notches higher at B with a negative outlook.