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S&P cuts Egypt's credit ratings
Ratings agency Standard & Poor's has pushed Egypt's sovereign credit ratings deeper into junk status, citing "continued pressure" on foreign reserves.

In a setback to the already worsening economy, S&P said in a statement Thursday that it cut Egypt's long- and short-term sovereign credit ratings to CCC+ and C, from B- and B.
Who in their right mind would buy an Egyptian government bond today, whatever the rating?
The rating agency said it expected "financing pressures to remain elevated" and donor support "to remain elusive."

That was a reference to stalled talks between the Egyptian government and the International Monetary Fund over a $4.8 billion loan to help heal the budget deficit and improve the economic outlook.

The negative rating came despite a $1 billion rise in net international reserves in April to $14.4 billion, thanks to Libyan cash deposits to Egypt's central bank.
Posted by: tipper 2013-05-09
http://www.rantburg.com/poparticle.php?ID=367880