Fitch downgrades Egypt outlook to negative

[Joanne98]

Source: AP

CAIRO -- 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.



Read more: http://www.forbes.com/feeds/ap/2011/01/28/business-ml-egypt-credit-rating_8280247.html

[xchrom]

1. fuck fitch. nt

[Lucky Luciano]

4. So you're saying you would own Egyptian sovereign bonds?

If so, I sell short big time to you!

[bossy22]

6. i find it interesting how credit rating agencies on DU are demonized

as if they are actively trying to destroy societies. Credit rating agencies sole purpose is to give advice to perspective investors on what investments are safe/risky. They can be wrong and they have been (just look at the mess we are), but in general they are pretty spot on.

But i agree with you- i wouldnt want to buy bonds from a country going through political turmoil

[Frank Booth]

7. I think a lot of that is reaction to how they helped kill our economy

by giving investment grade ratings to what many people knew was pure junk.

[La Lioness Priyanka]

8. yup.

[hatrack]

2. Oh no! (clutching pearls) We mustn't have THAT!

:eyes:

[Joanne98]

3. LOL

[xchrom]

5. ...

:spray: