Moody’s Credit Ratings Agency downgraded Egypt’s credit scoring from ‘B3’ to ‘Caa1’ on Thursday, 5 October, pointing to the country’s worsening capacity to handle its debt. The downgrade can be attributed to Egypt’s severe economic crisis and increase in sovereign debt. The downgrade from ‘B3’ to ‘Caa1’ means that Egyptian government bonds carry a “substantial risk” — this is the lowest rating Egypt has ever been given by the agency. However, the credit rating agency indicated that Egypt’s outlook is ‘stable’ due to Egypt’s continued access to financial support from the International Monetary Fund (IMF), which stands at USD 3 billion (EGP 91 billion) arrangement. “Moody’s expects the materi
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