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FINANCIAL NEWS
Egypt’s credit rating gets another downgrade from Moody’s
13 Feb 2013
(MENAFN) Political-troubled Egypt lost its B2 credit by ratings agency Moody’s over the ongoing political unrest, daily Al Ahram newspaper reported.
Moody’s cut Egypt’s credit rating by one notch to B3 citing the recent escalation of civil unrest in the country, highlighted by violent clashes between protesters and security forces in recent weeks resulting in many deaths.
Worries over policy, the constitution in particular, have ignited violent protests nationwide, prompting President Mohamed Morsi to declare a temporary state of emergency in three Egyptian Suez Canal governorates on 27 January.
The global firm also attributed its downgrade decision to the continuing deterioration of Egypt’s net international reserves (NIR).
The Central Bank of Egypt disclosed lately that its NIR dropped by USD1.4 billion in January, the largest decline in a decade, leaving only USD13.6 billion.
Uncertainty over the USD4.8 billion loan from the International Monetary Fund was another reason for the downgrade, said Moody’s.
On January 30, ratings agency Fitch downgraded Egypt’s credit rating from B-plus to B, and warned it might cut it further if parliamentary elections were delayed.
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