Cyprus Mail
BusinessInternationalMiddle East

Moody’s cuts Egypt rating to B3, changes outlook to stable

egypt

Ratings agency Moody’s lowered Egypt’s sovereign rating by one notch to B3 from B2 on Tuesday, citing the country’s reduced external buffers and shock absorption capacity.

The agency changed its outlook for Egypt to stable from negative.

“Moody’s does not expect Egypt’s liquidity and external positions to rebound quickly”, the agency said.

Egypt has continued to face a foreign currency shortage despite allowing the Egyptian pound to depreciate sharply in recent months.

The country’s headline inflation is expected to accelerate further in January after surging to its highest in five years in December, according to a Reuters poll.

The agency also lowered Egypt’s local-currency ceilings to Ba3 from Ba2.

Follow the Cyprus Mail on Google News

Related Posts

Market shift: Uniswap (UNI) and Filecoin (FIL) investors drawn to a promising newcomer

CM Guest Columnist

Breaking: Rebel Satoshi’s market dominance grows as Bitcoin Cash and Stellar lose ground

CM Guest Columnist

Israel resumes Gaza assault after rockets fired, heavy fighting reported

Reuters News Service

Cyprus maritime company diversifies its services

Kyriacos Nicolaou

Pullix (PLX) could surpass Kaspa (KAS) and Ethereum Classic (ETC) in the next bull run

CM Guest Columnist

Cyprus hoteliers look to Greece for solutions to common issues

Kyriacos Nicolaou