Fitch cuts Egypt to negative

Fitch Ratings said it revised the rating outlook on Egypt to negative from stable and affirmed Egypt's BB+ long-term foreign currency issuer default rating, BBB- long-term local currency issuer default rating and B short-term foreign currency issuer default rating.

The outlook revision reflects the recent upsurge in political protests and the uncertainty this adds to the political and economic outlook ahead of September's elections, Fitch said.

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