Moody's places Egypt's B3 ratings on review for downgrade
Egypt is facing a persistent shortage of foreign currency despite allowing the Egyptian pound to depreciate sharply in recent months.
Moody's cited risks to Egypt's financing plans as a major reason for placing the country's currency issuer ratings on review for downgrade.
Slow progress with its asset sale strategy weakens Egypt's foreign exchange liquidity and erodes confidence in its currency, the ratings agency said.
The asset sale is a key component of the country's deal with the International Monetary Fund (IMF).