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Egypt's credit rating cut further
- Egypt: Saturday, May 11 - 2013 at 04:25
Egypt's credit rating has been cut further by Standard & Poor's into junk territory, saying Cairo had yet to come up with a plan to control its finances, leaving the country vulnerable to a balance of payments crisis, Reuters has reported. S&P reduced Egypt's foreign and domestic long-term rating to "CCC+" and foreign and local short-term rating to "C" with a stable outlook. "The downgrade reflects our view that the Egyptian authorities have yet to put forward ... a sustainable medium-term strategy to manage the country's fiscal and external financing needs," the ratings agency said.
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