Complex Made Simple

Egypt’s rating put on CreditWatch negative

Standard & Poor's has placed Egypt's long-term sovereign ratings on CreditWatch negative, citing worries about the transition from the previously deposed authoritarian regime, Reuters has reported. "In Egypt, the Supreme Council of the Armed Forces has recently taken steps to consolidate its position of power, a move opposed by other political groups," S&P said. The agency rates the country as 'B.' "We now believe that a protracted, and possibly volatile, transition from the authoritarian regime deposed in January 2011 is more likely," the ratings agency added .