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.