Egypt – Sovereign Ratings Affirmed with a Stable Outlook

Ref : EG2 2 CRA00-0 2 30 September 2022

Egypt – Sovereign Ratings Affirmed with a Stable Outlook

Rating Action

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FC R ) and Long-Term Local Currency Rating (LT LC R ) of Egypt at ‘B +’ . T he sovereign’s Short-Term Foreign Currency Rating (ST FC R ) and Short-Term Local Currency Rating (ST LC R ) have been affirmed at ‘B’. The Outlook for the ratings remains Stable.

Rating Rationale

The ratings reflect the country’s relative economic resilience and still moderate level of foreign exchange reserves , the recently demonstrated support from GCC member states , as well as the significant increase in current account receipts . The ratings are also supported by moderate public external indebtedness and prudent fiscal management , which has helped to keep the central government primary budget in…