S&P Raises Egypt’s Sovereign Credit Rating To B From B-

CAIRO - 12 May 2018: International rating agency S&P raises Egypt’s sovereign credit rating to b from b-; lowers outlook to stable from positive. It says Egypt upgraded to ‘b’ on improving macroeconomic fundamentals; outlook stable

S&P says Egypt’s more competitive exchange rate, rising domestic gas production, increasing exports helping to improve Egypt’s current account deficit.

It added that inflation is decelerating, which points to increasing effectiveness of monetary framework

The agency anticipate that Egypt’s ongoing economic and fiscal reforms will underpin rising business confidence and sustain capital inflows

S&P says believes re-election of president Abdel-Fatha al-Sisi in March bodes well for political stability, continuity of economic and fiscal reforms in Egypt.