Standard & Poor’s Ratings Services announced downgrading its outlook on Egypt’s credit rating to “stable” from “positive” and affirmed its ‘B-/B’ long- and short-term foreign and local currency sovereign credit ratings, Yahoo reported. The downgrade reflects the view of US financial services company that “The economic recovery will not outperform our previous expectations, with GDP growth projected at 4.0% on average over the next three years,” Standard & Poor’s said in a press release Friday. On May 16, Standard & Poor’s had upgraded its outlook on Egypt’s credit rating to positive from stable.
