“Fitch” Ratings downgraded Egypt by one notch from (B+) to (B), turning its outlook to "negative", suggesting it may downgrade the rating further in the coming months due to the country's economic woes.
The agency pointed out that external financing risks increase in light of high financing needs, and tightening external financing conditions, noting that Egypt's high public debt levels remain a major weakness in the rating. All this comes against the backdrop of extreme uncertainty in the course of exchange rates and declining external liquidity reserves. The agency expects Egypt's growth to be weighed down by inflation, foreign currency shortages, tightening fiscal policy, and increased economic uncertainty.
Source (Al Jazeera.Net Newspaper, Edited)
