What does Fitch’s downgrading of Egypt’s credit rating and outlook mean? ...Egypt

For the second time in six months, Fitch Ratings on Friday moved to reduce Egypt’s sovereign rating for long-term debt issuance in foreign currency to “B-” instead of “B” with a stable outlook. This comes two weeks after Standard & Poor’s downgraded Egypt’s long-term debt rating from B to B- with a stable outlook, and four weeks after Moody’s downgraded Egypt’s sovereign debt rating to Caa1 instead of B3. Fitch lowered Egypt’s credit rating for long-term debt issues in foreign currencies in May to “B” from “B+.” A lower credit rating means higher costs and greater difficulty in accessing international markets when issuing sovereign bonds. In a report on its website, Fitch explained that the

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