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Moody's puts Egypt on review for possible downgrade

'Unsettled political conditions' prompt Moody's to put Egypt's B2 government bond ratings up for review

Reuters, Thursday 17 Jan 2013
(Photo: Reuters)
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Moody's Investors Service on Thursday placed Egypt's B2 government bond ratings on review for possible downgrade, citing heightened uncertainty over the country's politics and its ability to secure international financing.

The main factor behind the move "is the country's return to unsettled political conditions despite the ongoing transition to civilian rule," the ratings agency said in a statement.

"The second driver underpinning the review for possible downgrade is Egypt's postponement of a preliminary, staff-level agreement that was reached with the IMF on 20 November 2012," Moody's added.

Egypt could see a cut by one or two notches, the agency said.

Standard & Poor's currently rates the country B-minus with a negative outlook; Fitch rates Egypt B-plus, also with a negative outlook.

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