Fitch Rating Agency confirmed its outlook on Egypt with a “B”, and a stable outlook on long-term foreign and local currency Issuer Default Ratings (IDR), according to a Fitch statement on Saturday.

“The issue of ratings on Egypt’s senior unsecured foreign and local currency bonds have also been affirmed at ‘B’. The Country Ceiling and the Short-term foreign currency IDR have been affirmed at ‘B’,” the Agency noted.

Fitch said that the reduction of the foreign debt and the progress made by Egypt in implementing economic reforms contributed to stabilizing Egypt's rating despite the presence of a large budget deficit.

Source: MENA