Monday 23, June 2008 by

Moody’s negative on Egypt

Moody's Investors Service has changed the outlook on Egypt's Ba1 foreign currency government bond rating from stable to negative. It has also changed the outlook on Egypt's foreign currency country ceilings for bonds (Baa2) and bank deposits (Ba2) from stable to negative. Finally, Moody's has downgraded the government's local currency bond rating from Baa3 to Ba1 while preserving its negative outlook.