Cairo - Mubasher: Capital Intelligence Ratings (CI) has raised the long-term foreign and local currencies rating of Egypt to “B+” from “B”.
Meanwhile, the Cyprus-based ratings agency has affirmed the North African nation’s short-term currency rating at “B”, CI added in a recent report.
The rating is being reviewed to ‘stable’ from ‘positive, the rating services agency indicated.
The most populous Arab county’s rating was driven by the above-expectation increase in foreign-currency reserves that allowed a better coverage of total overseas financing and the ability to face external obstacles, CI said.
Egypt’s more sustainable debt levels, in line with the improved financial landscape, have contributed to the rating, the agency highlighted, adding that short-term financing risks declined.
In August, Moody’s Investors Service (Moody’s) changed the outlook on Egypt’s long-term issuer ratings to 'positive' from 'stable', following the affirmation of the BS issuer ratings.
The US-based ratings agency affirmed Egypt’s B3 rating which appropriately captures its credit risk profile, Moody’s said in a statement.