No. 55


Capital Markets

Moody's Rates Egypt At Non-Investment Grade

Moody's Investor Services announced on 9 October that it had awarded Egypt a sovereign rating of Ba2 on its long-term foreign currency bonds, a Ba3 sovereign ceiling for foreign currency denominated bank deposits and Not Prime ceilings for short-term obligations. The rating - which is believed to have been unsolicited but which will act as a ceiling for the institutions domiciled in Egypt - is...