Standard & Poor’s lowers Egypt’s credit rating to ‘B-‘ ...Egypt

Global rating agency Standard & Poor’s on Friday downgraded Egypt’s long-term sovereign rating to “B-” from “B” – indicating increased financing pressures on the country. Egypt faces economic challenges that have led to a series of currency devaluations and record inflation, with rising costs for basic imports following the Russian-Ukrainian war. Standard & Poor’s said the downgrade reflects repeated delays in implementing monetary and structural reforms in the country, among other factors. A Reuters poll on Thursday showed that the Egyptian economy will grow more slowly than previously expected, with purchasing power eroding due to inflation and the weakness of the Egyptian pound. “Inflatio

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