FTSE maintains the possibility of downgrading Egypt's rating on its stock index. Egypt is still on the watch list for possibly moving from the “secondary emerging” market category to “unclassified,” and an update on its status is expected to be issued by the end of next June.
The FTSE's classification affects where the $15.9 trillion in funds that track the index are invested, especially in emerging and frontier markets. Recently, Egypt, which had been teetering on the brink of its worst currency crisis in decades, has made a surprising turnaround.