{"id":609874,"date":"2023-11-12T00:00:00","date_gmt":"2023-11-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/moodys-lowers-us-credit-rating-outlook-on-the-back-of-debt-affordability-concerns\/"},"modified":"2023-11-12T00:00:00","modified_gmt":"2023-11-12T00:00:00","slug":"moodys-lowers-us-credit-rating-outlook-on-the-back-of-debt-affordability-concerns","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/moodys-lowers-us-credit-rating-outlook-on-the-back-of-debt-affordability-concerns\/","title":{"rendered":"Moody\u2019s lowers US credit rating outlook on the back of debt affordability concerns"},"content":{"rendered":"

Bad news for the US as Moody\u2019s lowers credit rating outlook:<\/strong>Rating agency Moody\u2019s downgraded its outlook on the US\u2019 sovereign credit rating to negative from stable on Friday, reports Reuters<\/a>. The move was driven by rising fiscal deficits and Treasury yields reaching 16-year highs<\/a> placing pressure on debt affordability. \"It is hard to disagree with the rationale, with no reasonable expectation for fiscal consolidation any time soon,\" Natixis head economist Christopher Hodge said. \"Deficits will remain large ... and as interest costs take up a larger share of the budget, the debt burden will continue to grow.\"<\/p>\n

Remember: <\/strong>Fitch Ratings downgraded<\/a> the US\u2019 sovereign credit rating from A AA to AA+ in August, citing future fiscal challenges and questions over whether a dysfunctional Congress will continue to be able to raise the debt ceiling when needed.<\/p>\n

No change on the horizon:<\/strong> The downgrade was driven by the \u201ccontinued political polarization\u201d in Congress that looks unlikely to break anytime soon, wrote Moody\u2019s in a statement. \"Any type of significant policy response that we might be able to see to this declining fiscal strength probably wouldn't happen until 2025 because of the reality of the political calendar next year,\" Moody\u2019s senior vice president William Foster told Reuters in an interview<\/a>.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

24,313<\/p>\n<\/td>\n

\n

+1.4% (YTD: +66.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

10,841<\/p>\n<\/td>\n

\n

-0.8% (YTD: +3.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,553<\/p>\n<\/td>\n

\n

+0.3% (YTD: -6.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,969<\/p>\n<\/td>\n

\n

+1.0% (YTD: +19.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,415<\/p>\n<\/td>\n

\n

+1.6% (YTD: +15.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,361<\/p>\n<\/td>\n

\n

-1.3% (YTD: -1.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,197<\/p>\n<\/td>\n

\n

-0.8% (YTD: +10.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 81.43<\/p>\n<\/td>\n

\n

+1.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.03<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,937.70<\/p>\n<\/td>\n

\n

-1.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 36,982.95<\/p>\n<\/td>\n

\n

-0.9% (YTD: +123.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 1.4% at Thursday\u2019s close<\/strong> on turnover of EGP 4.43 bn (75.9% above the 90-day average). Local investors were net buyers. The index is up 66.5% YTD.<\/p>\n

In the green: <\/strong>CIB (+4.1%), Telecom Egypt (+3.8%) and Edita (+3.5%).<\/p>\n

In the red: <\/strong>Fawry (-4.6%), E-Finance (-3.8%) and Credit Agricole (-2.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch Ratings downgraded the US\u2019 sovereign credit rating in August on similar concerns<\/p>\n","protected":false},"author":1,"featured_media":609875,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,1324,122,117],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-moodys","tag-planet-finance","tag-us","wpautop","entry"],"acf":{"mongo_id":"8dbe62ef-186a-4ef0-ae76-cd84ad2b0f6e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/543.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Moody\u2019s lowers US credit rating outlook on the back of debt affordability concerns","related_issue":[609846],"teaser":"Fitch Ratings downgraded the US\u2019 sovereign credit rating in August on similar concerns","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.56e557b5-c4a5-4062-8bf3-e6c83173f16d.mp3"},"yoast_head":"\nMoody\u2019s lowers US credit rating outlook on the back of debt affordability concerns - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/moodys-lowers-us-credit-rating-outlook-on-the-back-of-debt-affordability-concerns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Moody\u2019s lowers US credit rating outlook on the back of debt affordability concerns\" \/>\n<meta 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"Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/wp-content\/uploads\/2023\/05\/National-Bank-of-Egypt3-1920px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586887,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/fitch-downgrades-credit-ratings-of-four-local-banks\/","url_meta":{"origin":609874,"position":1},"title":"Fitch downgrades credit ratings of four local banks","author":"enterpriseam admin","date":"18 May 2023","format":false,"excerpt":"The banks now have a rating of B, down from B+","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1032.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594534,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/01\/moodys-maintains-egypts-outlook-at-b2-stable\/","url_meta":{"origin":609874,"position":2},"title":"Moody\u2019s maintains Egypt\u2019s outlook at B2 stable","author":"enterpriseam admin","date":"1 September 2019","format":false,"excerpt":"Moody\u2019s confirms Egypt\u2019s credit rating at B2, outlook stable: Credit rating agency Moody\u2019s has maintained its Egypt rating at B2 with a stable outlook, citing its large debt load and persistently weak albeit improving government finances. Public finances to continue improving: Moody\u2019s expects the government\u2019s fiscal deficits to continue narrowing\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/2469.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582100,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/moodys-downgrades-five-banks-deposit-ratings-on-sovereign-credit-risk\/","url_meta":{"origin":609874,"position":3},"title":"Moody\u2019s downgrades five banks\u2019 deposit ratings on sovereign credit risk","author":"enterpriseam admin","date":"13 February 2023","format":false,"excerpt":"Moody\u2019s has downgraded the long-term deposit ratings of five Egyptian banks on the back of its downgrade last week of the country\u2019s sovereign credit rating. The National Bank of Egypt (NBE), Banque Misr, Banque du Caire (BdC) and CIB have all seen their ratings downgraded to B3 from B2, the\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/banking-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581328,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/08\/moodys-downgrades-egypts-credit-rating-for-first-time-since-2013\/","url_meta":{"origin":609874,"position":4},"title":"Moody\u2019s downgrades Egypt\u2019s credit rating for first time since 2013","author":"enterpriseam admin","date":"8 February 2023","format":false,"excerpt":"Due to reduced external buffers and shock absorption capacity","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/EGP-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571437,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/12\/moodys-affirms-egypts-credit-rating-at-b2-outlook-stable\/","url_meta":{"origin":609874,"position":5},"title":"Moody\u2019s affirms Egypt\u2019s credit rating at B2, outlook stable","author":"enterpriseam admin","date":"12 May 2020","format":false,"excerpt":"Moody\u2019s affirms Egypt\u2019s credit rating at B2 with a stable outlook, citing effective policy and capacity to manage shocks: Moody\u2019s has maintained Egypt\u2019s long-term foreign and local currency issuer default rating at B2 with a stable outlook due to \u201congoing credit strengths and challenges\u201d that it says are unlikely to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/116.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=609874"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609874\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/609846"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/609875"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=609874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=609874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=609874"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=609874"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=609874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}