Standard & Poor's downgrades Egypt rating on political tensions

AFP, Thursday 24 Nov 2011

Long-term rating cut to B+ as credit agency cites country's weak political and economic outlook

Standard and Poor's ratings agency said Thursday it has cut its long-term rating on Egypt by one notch to 'B+' as popular unrest undercuts the country's already weak political and economic outlook.

"The downgrade reflects our opinion that Egypt's weak political and economic profile ... has deteriorated further (following) ... the clashes between protesters and security personnel that began on November 20 and resulted in significant loss of life," S&P said.
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