Moody’s Downgrades Egypt’s Bond Rating

Credit ratings agency Moody's said on 21/03/2013 it has downgraded Egypt's government bond ratings by one notch to Caa1 from B3. "More than two years into the Egyptian revolution, the continued unsettled political conditions have significantly weakened Egypt's economy," the agency said in a statement. "The sustained deterioration in Egypt's external payments position and government finances have reached a level at which the country's vulnerability to economic or political shocks has widened", the statement added. Moody's pointed to the "continued uncertainty surrounding the Egyptian government's ability to secure financial support from the International Monetary Fund".