Arab Today, arab today sp does not change egypt\s credit note after coup
Last Updated : GMT 21:26:48
Arab Today, arab today
Arab Today, arab today

S&P does not change Egypt\'s credit note after coup

Arab Today, arab today

Arab Today, arab today S&P does not change Egypt\'s credit note after coup

Istanbul - Anadolu

International credit rating agency Standard & Poor\'s (S&P) did not change Egypt\'s credit note. S&P announced Egypt\'s \'stable\' credit note, which decreased to CCC+ trash level 10 weeks ago, would not change after first elected president of Egypt Mohamed Morsi was ousted on July 3, 2013. It said equivalent to Egypt\'s credit negotiations on $4.8 billion with International Monetary Fund (IMF), recent condition in the country has been slowed down with gulf countries\' $12 billion subsidy. The possibility decreased to face problems in balance of foreign payments of Egypt besides Qatar\'s former $3.7 subsidy to the country, S&P said and stressed Egypt\'s drawing money was based on donations. S&P added if Egyptian officials failed to recover the country\'s foreign, financial and monetary condition, credit note of the country could be decreased, again.

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