Egyptian Fitch rating sees upgrade
Date
3/23/2019 3:04:05 AM
(MENAFN) Egypt enjoyed an increase in its Long-Term Foreign-Currency Issuer Default Rating (IDR) by Fitch Ratings.
Upgraded to 'B+' from the previous 'B', Egypt was hailed by Fitch Ratings since its pound refrained from experiencing volatility since 2016.
This is the agency's fifth optimistic outlook for the Egyptian market ever since the country launched an economic reform plan back in 2016 when it experienced massive depreciation.
Fitch stated "we project Egypt's external debt service to average around $10 billion or 12 percent of current external receipts in 2019-2020 in line with the current 'B' peer median."
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