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Moody's cuts Egypt rating
- Egypt: Wednesday, February 13 - 2013 at 03:00
Ratings agency Moody's has cut the credit rating of Egypt to B3, over doubts about its ability to secure International Monetary Fund support and the economic impact of a new round of political unrest, Reuters has reported. The rating agency also cited a further weakening in Egypt's external payments position given a large drop in foreign exchange reserves in January as the country battles to stave off a currency crisis.
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