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

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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)

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