Fitch on Friday downgraded Egypt's rating by one notch from B+ to B and attached a negative outlook, hinting that it could downgrade further in coming months due to Egypt's economic woes. The "external financing risk has increased given high external financing requirements, constrained external financing conditions and the sensitivity of Egypt's broader financing plan to investor sentiment," the ratings firm said in a statement. And "all this comes against a background of high uncertainty on the exchange-rate trajectory and reduced external liquidity buffers. As such, "we see a risk that a further delayed transition to a flexible exchange rate will further undermine c
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