S&P cuts Egypt sovereign rating

[xchrom]

http://hosted.ap.org/dynamic/stories/M/ML_EGYPT_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-11-24-06-45-33

CAIRO (AP) -- Ratings agency Standard & Poor's on Thursday pushed Egypt's sovereign credit ratings deeper into junk status, citing the country's dire political and economic situation and the increased risk of civil strife.

The cut is the latest blow to Egypt, whose economy is reeling from nine months of protests and strikes since the mid-February ouster of former President Hosni Mubarak. Last month, Moody's Investors Service also cut its ratings for Egypt, citing the ongoing political challenges and the weak economy.

S&P said it cut Egypt's long-term foreign and local currency sovereign ratings to B+ from BB-, with a negative outlook.

"The downgrade reflects our opinion that Egypt's weak political and economic profile ... has deteriorated further," the agency said in a statement.

[aquart]

1. Ratings agencies having a busy day across the pond.

[Selatius]

2. The people of Egypt are trying to get their house in order. Give them some fucking time to do it.

I would imagine Standard & Poor's reducing to junk status all sovereign debt issued by the fucking Thirteen Colonies during their little dust-up with the British Empire because their infrastructure is either being destroyed in battle or blockaded by the Royal Navy.