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)
