ISTANBUL
International credit rating agency Standard & Poor's (S&P) did not change Egypt's credit note.
S&P announced Egypt's 'stable' credit note, which decreased to CCC+ trash level 10 weeks ago, would not change after first elected president of Egypt Mohamed Morsi was ousted on July 3, 2013.
It said equivalent to Egypt's credit negotiations on $4.8 billion with International Monetary Fund (IMF), recent condition in the country has been slowed down with gulf countries' $12 billion subsidy.
The possibility decreased to face problems in balance of foreign payments of Egypt besides Qatar's former $3.7 subsidy to the country, S&P said and stressed Egypt's drawing money was based on donations.
S&P added if Egyptian officials failed to recover the country's foreign, financial and monetary condition, credit note of the country could be decreased, again.
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