CAIRO (AP) - A leading international ratings agency has placed Egypt's sovereign bond rating deeper into junk status, citing continued volatility in the nation's politics following the ouster of Hosni Mubarak and the violence in neighboring Libya.
The cut announced on Wednesday by Moody's Investor's Service brings Egypt's foreign and local currency government bond ratings by one notch to Ba3 from Ba2, with a negative outlook.
Moody's also says the unrest in Libya carried negative implications for Egypt's security and economy.
Egypt's military rulers have outlined a timetable for a shift to a civilian government. But the country remains mired in political bickering and its economy is expected to take a hit following the mass protests that toppled Mubarak last month.