Middle East Economic Survey

VOL. LI

No 26

30-June-2008

EGYPT

Moodys Changes Egypt Ratings Outlook To Negative On Increased Inflation

Credit ratings agency Moodys on 23 June announced that it has changed the outlooks on Egypts Ba1 foreign currency government bond rating, as well as Egypts foreign currency country ceilings for bonds (Baa2) and bank deposits (Ba2), from stable to negative. Moodys also downgraded the governments local currency bond rating from Baa3 to Ba1 while keeping its negative...