Moody’s Downgrades Egypt’s Sovereign Rating: What It Means for Government Debt and the Economy

2024-01-18 22:24:00

12:24 AM Friday, January 19, 2024

Books – Mustafa Eid:

Moody’s credit rating agency changed the outlook for the sovereign rating of Egyptian government debt to negative instead of stable.

According to a report by Moody’s on Thursday evening, the agency maintained Egypt’s credit rating at Caa1.

Moody’s lowered Egypt’s sovereign rating last October from B3 to Caa1, with a stable outlook.

The decision to reduce in October, which is the second in 2023, came at a time when Egypt was seeking to provide dollar flows following two reviews of its program with the International Monetary Fund were postponed.

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