S&P's Egypt ratings unaffected

Standard & Poor's said its sovereign credit ratings on the Arab Republic of Egypt (B+/stable/B) were not affected by the triple bombings that left at least 23 dead in the Sinai town of Dahab Monday night. Although the immediate impact on the tourism industry, which accounts for around 20% of Egypt's foreign currency receipts, will no doubt be negative, S&P said the improvement in recent years in the current account balance and in external liquidity have given Egypt greater capacity to absorb such short-term shocks.

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