Investors services says the new cabinet is failing to address popular demands for a transition from military rule, fuelling uncertainty over investment
Egypt’s continued political and financial instability is a “credit negative” for the country, Moody’s Investors Service said on Monday.
An emailed statement from Moody's said Egypt’s new cabinet is failing to address popular demands for a transition from military to civilian rule.
Banks are increasingly vulnerable to sovereign credit risk because of their high exposure to government debt, Moody's added.
Earlier this week,Standard & Poor’s said it was reviewing credit ratings on 50 banks in the Middle East and North Africa under a new set of criteria. New ratings will be made by the end of the year, Reuters reported
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