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Fitch Ratings, one of the ‘Big Three’ credit rating agencies, downgraded Egypt's sovereign credit rating – an assessment of a country’s ability to meet its foreign currency obligations – from B+ to B for the first time in a decade. Fitch’s decision, announced on 5 May, reflects the agency’s pessimistic outlook on the Egyptian economy. Credit rating agencies are companies that rate a state’s ability to pay back its debts and assess its risk of default – affecting the debtor’s…