Fitch Ratings has downgraded the senior unsecured rating of Egypt’s Alexandria National Iron & Steel (ANSDK) to C from B. The outlook has been set to negative and simultaneously withdraws the rating.
At the same time, the National rating assigned to ANSDK by Nile Ratings, Fitch's subsidiary in Egypt, is also downgraded to C and is also simultaneously withdrawn. The rating withdrawal was requested by ANSDK's management following the agency's notification regarding the rating actions. Fitch and Nile Rating will no longer provide analytical services or coverage on ANSDK. — (menareport.com)
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