Moody’s investors service changed on Monday Egypt’s outloom to stable from negative and affirmed its Caa1 government bond rating.
The outlook change was driven by the stabilised political and security situation, the launch of government initiatives toward fiscal consolidation, signs of a growth recovery and an improvement in macroeconomic stability, and strong support from external donors, according to Moody’s.
Moody’s has today also affirmed the Aaa rating of Egypt’s backed global bond. Egypt’s B3 foreign-currency bond ceiling, Caa2 foreign-currency deposit ceiling and Ba3 local-currency country risk ceilings are unaffected by today’s rating affirmation.
The short-term country ceilings for foreign-currency bonds and deposits remain unaffected at Not-Prime (NP).
Source : Arab finance