Egypt downgraded as political tensions continue

Standard & Poor’s downgraded Egypt’s credit rating on Monday, citing ongoing political tensions in the country. The move comes as President Mohammed Morsi’s party pushed through a controversial new constitution. Early unofficial results suggest more than 60 percent of voters approved the document.

According to the BBC’s Bethany Bell in Cairo, Morsi’s precarious political position could make economic reforms difficult to pass and further delay Egypt’s International Monetary Fund loan program. Earlier this month, Morsi pulled back on unpopular austerity measures, postponing a $4.8 billion IMF loan.