Another PR stunt from a ratings agency: Egypt is now a member of a re-born “Fragile Five.”

Another PR stunt from a ratings agency: Egypt is now a member of a re-born “Fragile Five.” Egypt, Argentina, Pakistan and Qatar have moved onto the list to replace Brazil, Indonesia, and South Africa, leaving only “poor Turkey, which has failed to graduate” on from the previous incarnation, the WSJ says (paywall). The new list is based on Standard & Poor’s “new take,” which considers “seven variables that look at a sovereign’s external financial risk, including current-account, reserves and debt metrics.”

The original Fragile Five was a term coined in the summer of 2013 by Morgan Stanley and included Turkey, Brazil, India, South Africa and Indonesia. The term referred to emerging markets that Morgan Stanley saw as having “become too dependent on skittish foreign investment to finance their growth ambitions.”