By the Blouin News Business staff

Posts Tagged: Egypt

Egypt ratings downgrade brings devaluation nearer

by in Middle East.
Continuing political strife in Egypt threatens a further credit downgrading.
Protest rally in Alexandria. AFP/Getty Images/MAHMUD HAMS

Standard & Poor’s cut of Egypt’s long-term credit rating to ‘B-‘ from ‘B’ bodes ill for the country’s ability to finalize a $4.8 billion IMF loan–one purpose of which was to forestall a ratings downgrade–and increases the likelihood of a devaluation in the new year.
The aid is needed to prop up an economy that has seen tourists and foreign investors desert the country since…

Read more »