American credit rating agency Fitch Ratings affirmed on Wednesday Egypt’s Long-Term Foreign Currency Issuer Default Rating (IDR) at ‘B+’, with a stable outlook. Egypt’s ratings and outlook are supported by its recent track record of fiscal and economic reforms supported by the government, as well as its large economy, which has demonstrated stability and resilience throughout the global health crisis, Fitch Ratings said in a statement. Fitch Ratings added that the recovery of tourism to Egypt and shipping through the Suez Canal, supported by a global economic recovery, will drive an increase of six percent growth in FY22. The ratings are constrained by still large fiscal deficits, high general government debt, domestic and regional security issues, and political vulnerabilities. Egypt’s economy has outperformed the vast majority of Fitch-rated sovereigns over the past year, the statement said.

Source: Egypt Independent March 10, 2021 11:48 UTC