Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Egypt's long-term FX rating downgraded  Join our daily free Newsletter

MENAFN - 31/12/2011

No. of Ratings : 0
Add to Mixx!


 


(MENAFN) Egypt recently lost its long term local currency rating BB by Fitch Ratings, with a negative outlook, as its currency reserves continue to shrink, Arab News reported.

Fitch downgraded Egypt's long term local currency rating to BB, while its foreign currency Issuer Default Rating (IDR) was downgraded to BB- from BB and the outlook on both ratings was negative. The country's credit rating was also downgraded to BB-.

Fitch pointed at the continuous erosion of Egypt's international reserves in 2011, which accelerated in October/November, providing that the political unrest contributed to worsened debt dynamics.

Egypt's foreign reserves declined 44 percent to over USD20 billion by November from USD36 billion in December 2010.

The decline was attributed to the dramatic weakening of the capital account since February, with a drying up of FDI and substantial exit of foreign portfolio investment, in addition to the absence of promised external support.

The country's ratings will remain under pressure until the political situation stabilizes and a government is able to execute a comprehensive scheme that re-attracts external support and FDI.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help