S&P cuts Egypt's long-term credit ratingDecember 24, 2012 - 16:45 AMT PanARMENIAN.Net - Standard & Poors' cut Egypt's long-term credit rating on Monday, Dec 24, and said another cut was possible if political turbulence worsened, undermining the country's ability to make hard choices on public finances, Reuters reported. The agency reduced Egypt's long-term sovereign rating to 'B-' from 'B', but left its short-term rating at 'B' for both foreign- and local-currency debt. "The negative outlook reflects our view that a further downgrade is possible if a significant worsening of the domestic political situation results in a sharp deterioration of economic indicators such as foreign exchange reserves or the government's deficit," S&P said. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Lavrov sees ‘collapse’ of Russia’s ties with Armenia Russian Foreign Minister Sergey Lavrov has underscored heightened tensions between Russia and Armenia. Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. |