VOL. XLVI

No 35

01-September-2003

EGYPT

RATINGS

S&P Downgrades Egypt To BBB- On Deteriorating Budget Deficit

Ratings agency Standard & Poor's said on 22 August it has lowered Egypts long-term local currency credit rating to BBB- from BBB and affirmed the BB+/B foreign currency and A-3 short-term local currency sovereign credit ratings. The action reflects the projected deterioration of the budget deficit and the consequent reduction in domestic financing flexibility, said S&P credit...