End Times and Current Events

General Category => Middle East => Topic started by: Psalm 51:17 on November 24, 2011, 03:44:30 pm



Title: S&P cuts Egypt rating; sees pressure on reserves
Post by: Psalm 51:17 on November 24, 2011, 03:44:30 pm
S&P cuts Egypt rating; sees pressure on reserves
24 November 2011, by Tim Falconer - Dubai (Zawya Dow Jones - MarketWatch)
http://www.marketwatch.com/story/sp-cuts-egypt-rating-sees-pressure-on-reserves-2011-11-24

--Rating downgraded one notch to B+ as political, economic profile deteriorates

--S&P sees reserves continuing on a downward trend

--Expects any new government to continue running high deficits

Ratings firm Standard & Poor's downgraded Egypt's sovereign credit rating by one notch to B+ due to a deterioration in its political and economic profile, and said it expects further pressure on the Arab country's already dwindling foreign reserves.