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S&P downgrades Egypt's credit ratings

时间：2012-02-13 07:51:46

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 　　CAIRO, Feb. 10 (Xinhua) -- Standard and Poor's (S&P) downgraded on Friday the long-term rating on Egypt from B+ to B due to sharp decline of foreign exchange reserves and political uncertainties1.

　　"There would be further downgrade if the Egyptian government failed to stem the decline in reserves, or an uncertain policy environment and weak institutions emerge from the ongoing2 political transition," according to a statement issued by the credit rating agency.
　　S&P also affirmed that the short-term rating on Egypt was 'B' as well, and the outlook was negative.
　　"It is logical that the ratings on Egypt were downgraded because the foreign exchange reserves decreased due to security tensions and political instability... The foreign reserves have fallen to 16.1 billion U.S. dollars from 36 billion dollars one year ago," said former dean of Sadat Academy and economic professor Hamdy Adel-Azeem.
　　The downgrade of Egypt's credit ratings could negatively affect the process of loaning from abroad, leading to an increase of interest rates as confidence in Egypt's economy weakens, said Adel- Azeem.
　　The low ratings would also impact relations between Egyptian banks and international banks, Adel-Azeem noted3.

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1 uncertainties 40ee42d4a978cba8d720415c7afff06a     
无把握( uncertainty的名词复数 )； 不确定； 变化不定； 无把握、不确定的事物
参考例句：
  • One of the uncertainties of military duty is that you never know when you might suddenly get posted away. 任军职不稳定的因素之一是你永远不知道什么时候会突然被派往它处。
  • Uncertainties affecting peace and development are on the rise. 影响和平与发展的不确定因素在增加。 来自汉英非文学 - 十六大报告
2 ongoing 6RvzT     
adj.进行中的，前进的
参考例句：
  • The problem is ongoing.这个问题尚未解决。
  • The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。
3 noted 5n4zXc     
adj.著名的，知名的
参考例句：
  • The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
  • Jim is noted for arriving late for work.吉姆上班迟到出了名。

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