CAIRO: The credit rating agency Standard & Poor's today cut Egypt's sovereign credit rating to “junk status,” mainly due to the political and economic crisis the country is experiencing, said financial advisor Ashraf el-Khatib. The anti-military protestors have led to the downgrading of Egypt's foreign exchange reserves, he added. “Egyptians' ambitions to lift the living standards could be driving the deteriorating economy,” he continued. The country needs a strong government with the backing of Egyptians and with the full authority to reform the economic engine and run Egypt's affairs, he said. “The new government's first priority must be directing the economic and security concerns of Egypt.” The new government must also ensure access to opportunities for the unemployed and must capture the spirit of youthful creativity in order to regain economic superiority, he added.
