CAIRO – 22 April 2022: Egypt’s Minister of Finance Mohamed Maait said Egypt has been the only country in the Middle East and Africa to retain the confidence of the three international assessment institutions of Fitch Ratings, S&P Global Ratings, and Moody’s. Fitch Ratings affirmed Thursday Egypt's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B+' with a Stable Outlook. In February, Moody's credit rating agency maintained its rating for the Egyptian banking sector at B2, with a stable outlook. The B2 rating is the 14th rating out of Moody's 18 ratings, from highest to lowest. The agency said that continued investments in infrastructure and spending will support economic growth in Egypt, and financial inclusion initiatives will provide good opportunities for banks.

Source: Egypt Today April 22, 2022 23:03 UTC