Reuters logo
Moody's cuts Egypt's rating on 'unsettled' political conditions
March 21, 2013 / 2:15 PM / 5 years ago

Moody's cuts Egypt's rating on 'unsettled' political conditions

NEW YORK, March 21 (Reuters) - 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 policies.

The outlook on the credit is negative, Moody’s said in a statement.

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.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below