Moody's downgrades Egypt, on review for further downgrade

NEW YORK Wed Dec 21, 2011 10:04pm IST

A Moody's sign on the 7 World Trade Center tower is photographed in New York August 2, 2011. REUTERS/Mike Segar

A Moody's sign on the 7 World Trade Center tower is photographed in New York August 2, 2011.

Credit: Reuters/Mike Segar

Related Topics

NEW YORK (Reuters) - Moody's Investors Service on Wednesday said it downgraded Egypt's government bond ratings by one notch to B2 from B1, citing the unsettled political situation in the country for undermining investor confidence.

Moody's also said Egypt's government bond ratings were on review for further downgrade, and said it believes that without financial support the central bank of Egypt will find it increasingly difficult to maintain adequate international liquidity in the months or years ahead.

The ratings agency said pressure on Egypt's balance of payments from domestic political turmoil will be further compounded by the economic downturn in Europe.

(Reporting By Chris Reese; Editing by Theodore d'Afflisio)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Economic Pulse

REUTERS SHOWCASE

Indian State Media

Indian State Media

Controlling the message: Modi chooses state media  Full Article 

ONGC Stake

ONGC Stake

Govt meeting bankers to discuss share sale in ONGC - source  Full Article 

Gold Curbs

Gold Curbs

Finance Ministry wants to reimpose curbs on gold imports - ET  Full Article 

World Stocks

World Stocks

Shares advance on strong data, earnings  Full Article 

IBM Chip Unit

IBM Chip Unit

IBM to pay Globalfoundries to take chip unit  Full Article 

Eyeing Reebok

Eyeing Reebok

Investor group aims to buy Reebok unit - WSJ  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage