Egypt debt rating downgraded by Standard & Poor's
Standard & Poor's has become the second major credit agency in as many days to downgrade its rating on Egypt following a week of violent protests. The agency warned Tuesday that the political instability and unrest will hamper Egypt's economic growth and hurt its public finances.
As a result, it says it is reducing its long-term debt rating on Egypt by one notch to BB and warns it could issue another downgrade within the next tree months. (AP)
