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Egypt’s long-term credit rating was cut to seven levels below investment grade at Standard & Poor’s, the second-lowest of any country rated by the agency, which cited increased financing pressures.
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Hungary ’s commitment to cut the budget deficit hasn’t removed the threat to its investment-grade debt rating because the government needs to clarify its economic policies, Standard & Poor’s said. Moody’s Investor Service, also mulling a downgrade, said fiscal plans will steer its decision.
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Anglo Irish Bank Corp. ’s bailout may cost Ireland’s government more than 35 billion euros ($47 billion), Standard & Poor’s credit analyst Trevor Cullinan said, exceeding the rating company’s previous estimate.
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France and Austria lost their top credit ratings in a string of downgrades that left Germany with the euro area’s only stable AAA grade as Standard & Poor’s warned that crisis-fighting efforts are still falling short.
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Ukraine invoked Greece’s record debt restructuring in a bid to stave off repaying $3 billion to the International Monetary Fund as Standard & Poor’s warned of funding risks and cut the country’s rating outlook to negative.
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Ukraine invoked Greece’s record debt restructuring in a bid to stave off repaying $3 billion to the International Monetary Fund as Standard & Poor’s warned of funding risks and cut the country’s rating outlook to negative.
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Egypt’s inability to rein in spending drove the risk of holding the nation’s bonds above Dubai’s for the first time in a month and prompted Standard & Poor’s to cut the rating on the most populous Arab country.
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Polish Prime Minister Donald Tusk won “breathing space” with a four-year fiscal plan that uses as much as 36 billion zloty ($11.9 billion) of asset sales and cash management savings to defer tax increases and spending cuts.
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Ukraine’s credit-rating outlook was cut to negative from stable by Standard and Poor’s, which cited “significant” funding risks after the country failed to restart an international bailout or agree with Russia on lowering natural-gas prices.
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Standard & Poor’s maintained its negative outlook on Britain’s top credit rating, saying its projections for the economy are less optimistic than those in last month’s emergency budget. The pound fell.
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