S&P Affirms Egypt’s ‘B/B’ Ratings as Policy Response Cushions Regional Shocks
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S&P affirms Egypt’s ‘B/B’ ratings as policy response cushions regional shocks
RIYADH: S&P Global Ratings affirmed Egypt’s long- and short-term sovereign credit ratings at “B/B” with a stable outlook, citing policy measures that helped contain the economic fallout from regional conflict and a recovery in foreign-exchange buffers. Foreign portfolio outflows reached $9.5 billion in the months after the conflict escalated on Feb. 28, while the Egyptian pound depreciated by as much as 15 percent against the US dollar, the agen…
S&P affirms Egypt rating at 'B/B' with 'stable' outlook
The Ministry of Finance on Saturday welcomed S&P Global Ratings’ decision to affirm Egypt’s sovereign credit rating at ‘B/B’ with a ‘stable’ outlook. The move highlights Egypt’s commitment to flexible fiscal policies that support investment, growth and job creation while maintaining fiscal discipline and reducing public debt. In a statement, the ministry said that proactive and consistent […]
Standard and Poor Global Credit Classifications decided to stabilize Egypt's sovereign credit rating in both domestic and foreign currencies at a long-term and short-term commitment, while maintaining a stable outlook, supported by exchange rate flexibility, improved foreign exchange resources, and continued fiscal regulation and economic reform. In a report, the Agency stated that a stable outlook reflected the balance between growth prospects.…
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