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S&P downgrades Egypt credit rating on 'elevated' tensions - ASHARQ AL-AWSAT English Archive
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CAIRO (AFP) – Rating agency Standard and Poor’s on Monday downgraded Egypt’s long-term credit rating because of “elevated” tensions over its political crisis, and warned it could be lowered further.

The country’s long-term rating was lowered to ‘B-‘ from ‘B’ because the turmoil has “weakened Egypt’s institutional framework, and the increasingly polarised political discourse could diminish the effectiveness of policy-making,” the agency said.

“A further downgrade is possible if a significant worsening of the domestic political situation results in a sharp deterioration of economic indicators such as foreign exchange reserves or the government’s deficit,” it said.

Egypt’s economy, once a vibrant opportunity for investors, was brought low by the early 2011 revolution that ousted Hosni Mubarak, ruler for the previous three decades.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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