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Fitch downgrades Egypt's rating

Business Materials 28 January 2011 18:58
Fitch rating agency has downgraded Egypt's status from Stable to Negative, the Al Arabiya news network reported Friday as unrest spread across numerous cities in the most populous Arab country, dpa reported.
Fitch downgrades Egypt's rating

Fitch rating agency has downgraded Egypt's status from Stable to Negative, the Al Arabiya news network reported Friday as unrest spread across numerous cities in the most populous Arab country, dpa reported.

The downgrade comes after turbulent market sessions this week on Cairo's exchange, which saw trading briefly halted on Thursday amid a widespread decline of major shares. Markets closed on Thursday down 11 per cent in the biggest drop since the autumn of 2008.

Earlier this month, Fitch had given Egypt a stable outlook, and the developing country had the highest non-investment grade.

Following the market shocks this week, Fitch said the country was witnessing risks to its stability, but doubted there would be a Tunisia-style upheaval, in part owing to Cairo's strong military. The comments were made before Friday's protest.

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