S&P lowers Egypt

Standard & Poor's said it lowered its long-term foreign- and local-currency sovereign credit ratings on the Arab Republic of Egypt to B- from B.

At the same time, the agency said it affirmed its B short-term ratings on Egypt. The outlook is negative.

In addition, the agency said it revised the transfer and convertibility assessment to B- in line with the sovereign ratings. The recovery rating on the unsecured foreign-currency debt remains unchanged at 3.

S&P said the downgrade reflects its opinion that political and social tensions in Egypt have escalated and are likely to remain at elevated levels over the medium term

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