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Business

Fitch rating agency downgrades Egypt to 'negative' on protests

Text by News Wires

Latest update : 2011-01-28

Egypt’s outlook was downgraded to “negative” by the Fitch rating agency Friday. The revision comes after the country's stock index fell Thursday by 10.5%. The move is a sign that investors are increasingly concerned by current events in the country.

AP - Fitch Ratings has revised down to “negative” its outlook for Egypt, reflecting concerns that the massive anti-government protests will further undercut stability in the Arab world's most populous nation.

The revision Friday by the international ratings agency is one of the first indications that the past few days of protests are coloring investors' view of the country.

On Thursday, the Egyptian Exchange's benchmark EGX30 index fell 10.5 percent, building on a more than 6 percent drop the day before.

Friday's protests are the largest so far this week. Demonstrators have complained about the growing income disparity in the country and the crushing poverty effecting nearly 40 percent of its 80 million people.

They are demanding President Hosni Mubarak's ouster.
 

Date created : 2011-01-28

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