EGYPT's government bonds fought back from an initial heavy tumble after Moody's had downgraded the country's credit rating to a new low and the head of the IMF had warned Cairo against delaying another currency devaluation. Moody's, which had been eyeing up a possible downgrade for months, concluded the process late on Thursday by cutting it one notch into the 'substantial risk' Caa1 bracket which is seven rungs into 'junk' territory. The rating firm had cited the country's worsening debt problems amid a bruising economic crisis that has triggered a string of devaluations, record inflation and more of its citizens to seek risky…