Moody's Downgrades Egypt's Credit Rating, Pressuring Economy and Currency

Moody's downgraded Egypt's credit rating to Caa1 from B3 due to worsening debt affordability, putting pressure on the economy.

Egypt's sovereign dollar bonds tumbled following the downgrade, trading at their lowest since May.

Egypt has devalued its currency significantly in the past year but may need to devalue further per IMF.

Egyptian banks have restricted use of local debit cards abroad to stop outflows of foreign currency.

Egyptians expected to vote in presidential elections in December, but el-Sisi seen as sure winner.