Egypt debt rating downgraded

The ratings agency has downgraded the country's debt rating from Ba1 to Ba2 and changed its outlook from 'stable' to 'negative' as it warned of a further downgrade in the medium term. It said the action was taken in response to a "significant rise in political event risk" as it expressed concern over the North African country's "deep seated" political and economic challenges. Should political and economic volatility escalate, Egypt's sovereign rating could be further downgraded, added Moody's. The downgrade comes after days of civil unrest in the Egyptian capital which has seen ang...