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    S&P lowers Egypt rating

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    International ratings agency Standard & Poor's has lowered Egypt's long term credit rating for foreign-currency denominated government bonds from BB+ to BB and for long term and short term Egyptian Pound denominated bonds from BBB-/A-3 to BB+/BB.

    International ratings agency Standard & Poor's has lowered Egypt's long term credit rating for foreign-currency denominated government bonds from BB+ to BB and for long term and short term Egyptian Pound denominated bonds from BBB-/A-3 to BB+/BB.

    The reduction in rating comes against a background of continuing political instability in the North African state, S&P says.

    On Monday, rival rating agency Moody's lowered its ratings for Egyptian government bonds from Ba1 to Ba2 and downgraded its forecast to "negative" from "stable."

    MOSCOW, February 1 (RIA Novosti)

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