Destabilized Egypt downgraded again by Moody's because of political uncertainty and refugees from Libya
Moody's downgraded Egypt's again one notch to Ba3 from Ba2. The outlook on these ratings remains negative. Who knows if the Jasmine revolution will be a good thing after all. The governments, like Egypt, that have some degree of freedom get taken out by the will of the masses, while corrupt murderous dictators like Gaddafi and the Mullah's of Iran kill dissent.
The reasons for the downgrade given below.Via Moody's:
1) The prolonged political uncertainty in Egypt since our last rating action on 31 January, and our concerns about whether a transition to an effective and stable government will be achieved.
2) The adverse impact this political uncertainty is having on the country's fiscal position and broader economic performance.
3) The deterioration of the political situation in Libya, which has negative implications for Egypt's economy and security.