S&P cuts Egypt sovereign rating
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Ratings agency Standard & Poor's on Thursday pushed Egypt's sovereign credit ratings deeper into junk status, citing the country's dire political and economic situation and the increased risk of civil strife.
The cut is the latest blow to Egypt, whose economy is reeling from nine months of protests and strikes since the mid-February ouster of former President Hosni Mubarak. Last month, Moody's Investors Service also cut its ratings for Egypt, citing the ongoing political challenges and the weak economy. (AP)
