Egypt Debt Rating Downgraded by Standard & Poor's

LONDON (AP) — Standard & Poor's has become the second major credit agency in as many days to downgrade its rating on Egypt following a week of violent protests.

The agency warned Tuesday that the political instability and unrest will hamper Egypt's economic growth and hurt its public finances.

As a result, it says it is reducing its long-term debt rating on Egypt by one notch to BB and warns it could issue another downgrade within the next tree months.

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