Egypt’s Long-Term Currency Debt Downgraded by Fitch Ratings
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Egypt’s long-term foreign currency debt was downgraded by Fitch Ratings, which pointed to a decline in central bank reserves and uncertainty over possible International Monetary Fund support.
Fitch lowered the rating to BB-from BB with a negative outlook. The long-term local currency rating was cut to BB from BB+, it said in an e-mailed report today.