Recovery ahead? Fitch ratings upgrades Egypt to 'negative to stable'
Fitch also kept short-term foreign currency credit at B.
Fitch Ratings raises Egypt's economic outlook from negative to stable however, the International credit rating agency kept its long-term foreign and local currency sovereign credit ratings at B-, a press release from Egyptian Finance Ministry said on Friday. Fitch also kept short-term foreign currency credit at B.
It is the first time that Fitch upgrades Egypt's economic outlook since 25 January revolution. Fitch said a relative improvement in the political situation, an availability of foreign currency and the financial aids from gulf countries that alleviated pressures on the budget has helped improving Egypt's outlook.
The agency also referred to the rise of Egypt's International reserves and a decrease of foreign debt to 18.9 percent of the GDP. Fitch report mentioned that the increase of the public debt and the high budget deficit are the main risks when evaluation the Egyptian economy.
Other rating agency, Standard & Poor's has raised its long- and short-term foreign and local currency sovereign credit ratings on November, with a "stable" rating outlook as well.
- You don't need to be Muslim to practice? Why Goldman Sachs' sukuk sales worked so swell this around
- Erdogan's ready to smear the banks: is Turkey about to face a financial crisis worse than that of 2001?
- An economic slowdown? The pros and cons of Israel's weakening shekel
- A spectacle of $8 trillion and more: what's the MENA Investment Conference in London all about?
- An odd dynamic? Saudi using desert to emulate Chinese model and attract Chinese investors
- Fitch upgrades NBK's foreign currency long-term rating to A+
- Fitch upgrades Istanbul's Long-Term Rating to B
- Fitch upgrades eight Turkish corporates after sovereign rating action
- Fitch revises long-term and national ratings of Turkish banks
- Fitch changes rating Outlooks for Turkish corporates to Positive from Negative