Posted 10/6/2023, 9:11:00 PM
Moody's Downgrades Egypt's Credit Rating to New Low, Citing Deepening Economic Woes
- Moody's downgraded Egypt's credit rating to a new low, citing worsening debt problems and economic crisis
- Downgrade makes it tougher for Egypt to attract cash and investors
- IMF warns Egypt will "bleed" reserves without further currency devaluation
- Egypt struggling with debt repayments, forex shortages, high inflation
- IMF bailout contingent on letting currency float, asset sales have been slow
- Downgrade could force some investors to sell bonds, raising local borrowing costs