Moody's downgrades Egypt
Edited By WION Video Desk
Published: Oct 07, 2023, 06:55 IST | Updated: Oct 07, 2023, 06:55 IST
Credit rating agency Moody's has downgraded Egypt's sovereign rating to junk, spooking investors who now fear that the nation is likely to default on its debt. The credit rating agency cited the country's worsening debt affordability for the downgrade. Debt affordability refers to the ability of a country to repay its debt.
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