Middle East Economic Survey

VOL. LIV

No 12

21-Mar-2011

EGYPT

Moodys Downgrades Egypts Bond Ratings

Moodys Investors Service downgraded Egypts foreign and local currency government bond ratings by one notch to Ba3 from Ba2 on 16 March. The agency also downgraded the country ceiling for foreign currency bonds to Ba1 from Baa3 and the country ceiling for foreign currency bank deposits to B1 from Ba3. The outlook on these ratings remains negative. Moodys said that Egypts prolonged political...