The asset sale is a key component of the country's deal with the International Monetary Fund (IMF).
(Reporting by Akanksha Khushi in Bengaluru Editing by Shri Navaratnam)
May 9 (Reuters) - Ratings agency Moody's placed Egypt's
B3 foreign-currency and local-currency issuer rating on review
for downgrade on Tuesday, citing slower-than-anticipated
progress with its state-owned asset sale.
Egypt is facing a persistent shortage of foreign currency
despite allowing the Egyptian pound to depreciate sharply in
recent months.
Moody's cited risks to Egypt's financing plans as a major
reason for placing the country's currency issuer ratings on
review for downgrade.
Slow progress with its asset sale strategy weakens Egypt's
foreign exchange liquidity and erodes confidence in its
currency, the ratings agency said.
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