Moody's Downgrades Egypt's Credit Rating, Pressuring Economy and Currency
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Moody's downgraded Egypt's credit rating to Caa1 from B3 due to worsening debt affordability, putting pressure on the economy.
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Egypt's sovereign dollar bonds tumbled following the downgrade, trading at their lowest since May.
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Egypt has devalued its currency significantly in the past year but may need to devalue further per IMF.
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Egyptian banks have restricted use of local debit cards abroad to stop outflows of foreign currency.
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Egyptians expected to vote in presidential elections in December, but el-Sisi seen as sure winner.
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