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Standard & Poor's downgrades Egypt's sovereign rating

2-Feb-2011 1:15 PM

Egypt's sovereign rating was downgraded by Standard & Poor's Ratings Services by one level, the second agency to lower the country’s ranking in as many days (Dow Jones/Reuters/AP, 01-Feb-2011). The ratings firm lowered Egypt's foreign currency long-term rating to double B, and the local currency long-term and short-term ratings to BB+/B. It also placed the long-term ratings on credit watch negative. S&P warned of further downgrades within the next three months if the political situation continues to deteriorate.