Moody's raised Egypt's credit rating to B2 with a stable outlook. The financial and economic reforms are expected to contribute to a gradual but steady improvement in Egypt's fiscal indicators, which will contribute to raising its real GDP growth.
The agency announced that it is raising its ratings for the Egyptian government's long-term debt issues in foreign currency and local currency to (B2) from (B3).
Moody’s pointed out that raising the credit rating of Egypt reflects expectations that the ongoing economic reforms will support a gradual but steady improvement in the country's financial indicators.
It also explained that raising the credit rating of Egypt reflects the ability to withstand the external shocks to refinancing despite the large requirements for the total borrowing.
Source: (Al-Arabiya.net, Edited)
