Moody’s places Egypt’s B3 ratings on review – report

Moody’s Investors Service (Moody’s) has placed on Wednesday Egypt’s B3 long-term foreign-currency and local-currency issuer ratings on review for downgrade, citing slower-than-anticipated progress with its state-owned asset sale.

The ratings agency has also placed on review for downgrade Egypt’s B3 foreign currency senior unsecured ratings and its (P)B3 foreign currency senior unsecured MTN programme rating.

The statement further added the slow progress with its asset sale strategy weakens Egypt’s foreign exchange liquidity. The asset sale is a key component of the country’s deal with the International Monetary Fund (IMF).