2-Feb-2011 1:15 PM

Standard & Poor's downgrades Egypt's sovereign rating

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.

Want More News Like This?

CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More