BREAKING NEWS

Fitch downgrades Egypt outlook to negative

By ASSOCIATED PRESS

JANUARY 28, 2011 17:19

CAIRO — Fitch Ratings has revised down to "negative" its outlook for Egypt, reflecting concerns that the massive anti-government protests will further undercut stability in the Arab world's most populous nation.

The revision Friday by the international ratings agency is one of the first indications that the past few days of protests are coloring investors' view of the country. On Thursday, the Egyptian Exchange's benchmark EGX30 index fell 10.5 percent, building on a more than 6 percent drop the day before.

Friday's protests are the largest so far this week. Demonstrators have complained about the growing income disparity in the country and the crushing poverty effecting nearly 40 percent of its 80 million people. They are demanding President Hosni Mubarak's ouster.

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