Standard & Poor's downgraded Egypt

To Egypt rating following Moody's has taken Standard & Poor's. The reason for the negative changes was the political crisis raging in the country.

As a result of the revision, the long-term Egypt rating in foreign currency was downgraded from BB+ to BB; the short-term foreign currency rating remained at B; the local currency ratings were downgraded to BB (short-term) and A-3 (long-term).

Demonstrations and unrest in Egypt continue, so Standard & Poor's may continue to downgrade the country in the near future.