Moody's Downgrades Egypt's Credit Rating on Worsening Debt Crisis
- Moody's downgraded Egypt's credit rating to 'Caa1' from 'B3' due to worsening debt affordability
- Egypt facing economic crisis with high inflation, foreign currency shortage
- Borrowing over last 8 years made external debt repayments more difficult
- Asset sale proceeds expected to help restore foreign currency reserves
- Outlook reflects continued access to IMF support under $3 billion arrangement
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