Tags: Egypt | Debt | Rating | moody

Moody's Cuts Egypt Debt Rating as Outlook Negative

Thursday, 27 Oct 2011 10:46 AM

 


Moody's Investors Service says it has cut Egypt's government bond rating by one notch, citing the country's weak economy, political instability and declining foreign reserves.

The ratings agency said Thursday it lowered the bond rating to B1 from Ba3, pushing it even deeper into junk status.

Egypt's economy has taken a beating after the Jan. 25 uprising that ousted former President Hosni Mubarak.

The turmoil of the 18-day uprising was exacerbated by sweeping labor strikes, while political uncertainty has led to a reduction in foreign investment and tourism, two of Egypt's main foreign revenue sources. In addition, the government has used up over 30 percent of its foreign currency reserves, in part to help support the Egyptian pound.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

1Like our page
2Share
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved