Reuters – Standard & Poor’s Ratings has raised its long and short-term foreign and local currency sovereign credit ratings on the Arab Republic of Egypt to ‘B-/B’ from ‘CCC+/C’.
The upgrade reflects S&P’s view that the Egyptian authorities have secured sufficient foreign currency funding to manage Egypt’s short-term fiscal and external financing needs.
“We expect support from bilateral lenders to continue over the medium term as the Egyptian authorities try to address the country’s political and economic challenges,” S&P said in a statement.
The outlook is stable.
