This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Egypt Downgraded to B3 by Moody’s
February 8, 2023
Egypt was downgraded to B3 from B2 by Moody’s citing “reduced external buffers and shock absorption capacity”. This comes amid a structural change in its economy towards an export and private sector-led growth model under a flexible exchange rate regime. Moody’s said that Egypt’s liquid FX reserves have declined since May 2022 and FX liquidity buffers have “dwindled”, thereby “increasing external vulnerability”. Meanwhile, the rating agency to changed the outlook to stable from negative where downside risks (liquidity, higher cost of funds etc.) are balanced by upside risks of reforms to enhance the export base and support foreign direct investment. The latter would help enhance external debt capacity and sustainably reduce external vulnerability risks.
Egypt’s dollar bonds were trading weaker with its 7.3% 2033 down 1 point to 74.04, yielding 11.61%.
Go back to Latest bond Market News
Related Posts:
Turkey Downgraded to B from B+ by Fitch
July 12, 2022
Ghana Downgraded to CCC+/C by S&P
August 8, 2022
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.