Fitch downgrades Egypt one notch deeper into junk territory

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Raine Maida on marriage, music and the Maritimes | SaltWire -Ratings agency Fitch downgraded Egypt's long-term foreign-currency issuer default rating to 'B-' from 'B', citing increased financial risks and higher government debt.

Economists say that the country has spent much of the borrowed cash on projects that will not quickly generate the foreign currency it needs. Egypt is one of the world's biggest wheat importers and also relies on imports of other basic foods and fuel.

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