The credit rating agency also affirmed Egypt’s Caa1 long-term foreign and local currency ratings
Global ratings giant Moody’s has raise Egypt’s credit outlook from negative to positive following the expanded $8 billion funding from the International Monetary Fund (IMF), as per a recent statement.
The credit rating agency also affirmed Egypt’s Caa1 long-term foreign and local currency ratings.
Moreover, Moody’s affirmed the country’s foreign-currency senior unsecured ratings at Caa1 and its foreign-currency senior unsecured MTN program rating at (P)Caa1.
The positive outlook “reflects significant official and bilateral support announced and marked policy steps taken in the past week that will, if maintained, support macroeconomic rebalancing,” Analyst Elisa Parisi-Capone said in a note.
On March 6th, the IMF sealed its final $8 billion loan deal to boost Egypt’s economy, following the hike in interest rates by 600 basis points (bps).
Source: Zawya
