Fitch rates Egypt’s new US dollar bonds ‘b’

Fitch Ratings has assigned on Wednesday Egypt’s new senior unsecured bonds issued under the sovereign’s Global Medium-Term Note programme ‘B’ ratings.

The issues are as follows: US$1.75 billion 6.125% bonds maturing 31 January 2022, US$1billlion 7.5% bonds maturing 31 January 2027, and US$1.25 billion 8.5% bonds maturing 31 January 2047.

Fitch said the ratings were in line with Egypt’s existing senior unsecured ratings and its Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B’, which has a Stable Outlook. The IDR was last affirmed on 15 December 2016.

The ratings of the bonds are sensitive to changes in Egypt’s Long-Term Foreign-Currency IDR, the rating agency added.