Moody’s Downgrades Egypt Rating

Moody’s Investors Service (MCO) cut its rating on Egypt’s debt on Monday on concern about its public finances, becoming the second credit agency to turn negative since the country was plunged into political crisis. Moody’s said the one-notch downgrade, to Ba2 from Ba1 with a negative outlook, was prompted by a significant rise in political risk and concern that the government’s response to mounting unrest could undermine Egypt’s already weak public finances.- Reuters

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