S&P revises Egypt to negative

S&P said it revised its outlook on its long-term sovereign credit rating on Egypt to negative from stable and affirmed its B-/B long- and short-term foreign and local currency sovereign credit ratings.

S&P said the negative outlook reflects its view that Egypt's external and fiscal vulnerabilities might increase further over the next 12 months. The agency considers that this could dampen the country's economic recovery and exacerbate sociopolitical tensions.

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