NEW YORK, July 5 Fitch Ratings downgraded
Egypt's credit rating on Friday, citing the political turmoil
this week that has toppled the country's first freely elected
The credit ratings agency cut Egypt's long-term foreign and
local currency issuer default ratings to B-minus from B. The
outlooks are negative, meaning Fitch could cut again in the
"There is a risk of a material deterioration of domestic
political stability, with downside risks for economic outcomes
and creditworthiness," Fitch said in a statement.
"There is high uncertainty over how the risks resulting from
the military coup evolve over the short term and the eventual
pathway to a peaceful political transition," it added.
Egyptian President Mohamed Mursi was toppled on Wednesday in
what his Islamist supporters have called a military coup d'etat.
Widespread confusion has followed, with at least three
protesters shot dead on Friday outside the Republican Guard
barracks in Cairo where Mursi is being held. Angry Islamist
supporters confronted troops across the country.
Moody's Investors Service rates the country Caa1 with a
negative outlook. Standard & Poor's rates Egypt at CCC-plus with
a stable outlook.