International credit rating agency Standard & Poor’s raised on Friday Egypt’s outlook from ‘stable’ to ‘positive’ and said the country is raising its foreign reserves and strengthening economic growth. S&P said in a statement that the revision reflects a “potential upgrade over next year” on the condition that Egypt continues to implement its IMF-sponsored economic reform program. Egypt’s sovereign credit rating was maintained at B-, “reflecting wide fiscal and external deficits, high public debt, and low income levels,” the statement went on to say. Last time S&P upgraded Egypt’s rating was in May 2015. The credit agency expects the political situation in the country to remain stable under the leadership of President Abdel Fattah al-Sisi, adding that it does not believe any major policy changes ahead of the 2018 presidential elections. Egypt’s government welcomed S&P’s upgrade, with Finance Minister Amr El-Garhy saying in an official statement on Saturday that it will help the country’s economy to recover by attracting more foreign investments. “[The upgrade] will contribute in attracting more foreign investment to the country, and reduce the cost of financing to both the state and institutions, as well as the…
Standard & Poor’s Upgrades Egypt’s Credit Rating to ‘Positive’
November 12, 2017
