January 18, 2019

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  • S&P’s credit rating cut scrutinized

    BY LEYLA DOSS Cairo – Egypt’s worsening economy was hit by another credit rating downgrade earlier this month from Standard and Poor’s (S&P), an American ratings agency, placing it at 124 out of 127 rated economies. Egypt now falls behind Pakistan, Greece and Zambia. But how significant is this ratings cut? This is the agency’s sixth downgrade of Egypt’s credit rating over the past two years following the popular uprising which overthrew President Hosni Mubarak. S&P lowered Egypt’s long-term credit rating from B- to CCC+ and its short-term rating from B to C, citing the country’s persistent inability to meet…

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