Standard & Poor’s affirmed Egypt’s rating at B/B with a stable outlook.
In April, Moody’s credit rating agency decided to fix Egypt’s credit rating at B2, despite the complex external shocks facing the global economy and emerging countries, in what is considered a very positive decision.
A stable outlook
Egyptian Finance Minister Mohamed Maait announced in 2021 that Standard & Poor’s has kept the credit rating of Egypt in both local and foreign currencies unchanged at the “B” level, while also maintaining a stable outlook for the Egyptian economy for the third successive time since the beginning of the pandemic.
This rating reflects the continued confidence of international institutions and credit rating agencies in the resilience of the Egyptian economy, he said, and in its ability to positively deal with the repercussions of the pandemic compared to countries with similar or higher credit ratings in a time when economic conditions have deteriorated in most other emerging countries.
Citing Standard & Poor’s latest report at the time, Maait said the Egyptian economy can overcome negative repercussions resulting from the pandemic thanks to the improvement of major economic indicators such as the stability of public finances and the large and reassuring foreign exchange reserve.
This is in addition to the government’s continued implementation of financial, economic and structural reforms that would improve the business operating environment and ensure the sustainability of economic indicator conditions.
