Fitch lowers Egypt

Fitch Ratings said it has downgraded the Arab Republic of Egypt's long-term foreign currency issuer default rating to B+ from BB- and long-term local currency issuer default rating to B+ from BB.

Both ratings have a negative outlook.

The agency said it has also downgraded the country ceiling to B+ from BB-, and the short-term foreign currency issuer default rating is affirmed at B.

Fitch noted that the downgrade and negative outlook reflect increased uncertainties surrounding the political transition following yesterday's ruling by the Supreme Constitutional Court to annul parliamentary elections and dissolve parliament.

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