Denominated Egyptian government bonds in Dollars fell on Wednesday after rating agency Moody’s downgraded Egypt’s credit rating one notch from B2 to B3 on Tuesday, citing a drop in its foreign exchange reserves and shock-absorption capacity.
The bond fell as low as 1.2 cents, with the 2029 maturity falling to 81.233 cents as of 08:45 GMT, according to Tradeweb data.
Moody’s changed its outlook for Egypt from negative to stable.
Egypt continues to face a foreign currency shortage despite allowing the Egyptian pound to depreciate sharply in recent months.
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