S&P Cuts Egypt’s Sovereign Credit Rating To ‘C’

Standard & Poor’s said on Thursday it lowered Egypt’s sovereign credit rating to ‘C’ from ‘B’ with a stable outlook.

The agency reduced Egypt’s foreign and domestic long-term rating to ‘CCC+’ and foreign and local short-term rating to ‘C’.

In December it cut the long-term rating to ‘B-‘ from ‘B’, saying another cut was possible if political turbulence worsened and undermined the country’s ability to make hard choices on public finance.