Egypt Cut Deeper Into Junk With Fitch’s Second Downgrade of 2023
- Fitch downgraded the nation to B- with a stable outlook
- Country is suffering from the worst economic crisis in decades
This year’s second downgrade by Fitch lowered Egypt’s rating by one step to B-, putting it six levels above default and on par with Nigeria and Bolivia.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Egypt’s credit score was lowered by Fitch Ratings deeper into junk territory, a decision that follows downgrades to a similar level from its peers as the cash-strapped country wrestles with its worst economic crisis in decades.
This year’s second downgrade by Fitch lowered Egypt’s rating by one step to B-, putting it six levels above default and on par with Nigeria and Bolivia. The outlook is stable, according to a statement Friday.