Middle East Economic Survey


No 6



Ratings Agencies Downgrade Egypt On Political Unrest

The three big ratings agencies took action on Egypt last week as a result of the political unrest. Standard & Poors lowered Egypts long term foreign currency ratings to BB from BB+ (on negative watch); Moodys cut its bonds to Ba2 from Ba1 (outlook changed to negative from stable); and Fitch downgraded its outlook for the country to negative, but held steady on its long term...