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Published on 8/18/2008 in the Prospect News Emerging Markets Daily.

Fitch cuts Egypt to BBB-

Fitch Ratings said it revised the outlook on the Arab Republic of Egypt's long-term foreign-currency issuer default rating to stable from positive, while affirming the rating at BB+. The agency also downgraded the long-term local-currency issuer default rating to BBB- from BBB and affirmed its short-term foreign-currency issuer default rating at B and country ceiling at BB+.

The surge in global food and fuel prices has increased the challenges facing Egypt's policymakers, Fitch said. The change to stable outlook reflects the more challenging policy environment as demonstrated by the slowdown in deficit reduction compared to what the agency said it expected a year ago.

The downgrade reflects weaker public finances than external finances and high inflation, Fitch said.

External finances are a key rating strength, the agency said.


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