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FINANCIAL NEWS
Fitch lowers Egypt’s credit ratings to ‘B-‘
07 Jul 2013
(MENAFN) Fitch Ratings has downgraded Egypt’s credit ratings to ‘B-‘ from ‘B’ citing a further possible deteriorating political situation, after the country’s military overthrew the civilian government AP reported.
Both ratings are non-investment grade or “junk” ratings six notches below investment grade. Fitch’s outlook on the country is negative, meaning further downgrades are possible.
The ratings agency said that the political could get worse and further damage the national economy and its creditworthiness and making it harder for the country to make reforms that are needed to secure International Monetary Fund (IMF) aid.
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