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Egypt Rating Cut to Same Level as Greece at S&P Amid Unrest

Egypt’s long-term credit rating was cut to the same junk level as Greece by Standard & Poor’s as escalating political tension in the North African nation may render aid from the International Monetary Fund “inactive.”

The most-populous Arab country’s rating was lowered by one level to B-, six steps below investment grade, with a negative outlook, S&P said today. The rating, which is also on par with Pakistan, may face more downgrades should political instability result “in a sharp deterioration of economic indicators such as foreign exchange reserves or the government’s deficit,” S&P said. Egypt’s benchmark bonds were little changed.