Moody's cuts Egypt bond rating to below investment grade

[dixiegrrrrl]

an. 31 (Bloomberg) -- Moody's Investors Service cut Egypt's government bond ratings, the first such action since protests began demanding the ouster of President Hosni Mubarak.

Moody's cut the bonds to Ba2 from Ba1, two levels below investment grade, and changed the outlook to negative from stable, the company said in a statement today.

"This has resulted from escalating political tensions in the country following the recent uprising in Tunisia, with large-scale anti-government protests taking place," it said.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=%2Fg%2Fa%2F2011%2F01%2F31%2Fbloomberg1376-LFVMGM6S972B01-5V9C5UMOCOHOMG9EN035ON23TR.DTL

[Vinnie From Indy]

1. i guess they watch al jazeera too!

Why would anyone trust these crooks at Moodys after the Wall St. meltdown? Never forget that these rating agencies were as much of a problem as anything being done on Wall Street. They were telling the whole world that many of these investments were A-OK. As of yet, I do not know of any executive at these ratings agencies being fired let alone indicted.

[Catherina]

2. Like the majority of Egyptians care about Moody's casino ratings. Rec'd n/t

[dixiegrrrrl]

3. They will care if they want a goverment that can afford to operate.

[Catherina]

4. I don't think Moody's rating matters much. Despite it,

many wealthy Arabs and Muslims will step up to the plate. Moody's tried the same thing with Turkey. Their higher ratings don't seem to work out too well for the people.