Egypt debt rating downgraded by Moody's

 

The protests in Egypt have been going on for the past week

Ratings agency Moody's has cut its debt rating for Egypt, and changed its outlook from stable to negative.

Moody's said the cut was "prompted by the recent significant rise in political event risk and concern that the policy response could undermine Egypt's already weak public finances".
It has downgraded the country's debt rating one notch from Ba1 to Ba2.
Thousands of Egyptian protesters have taken to the streets, calling for President Hosni Mubarak to step down.