Fitch affirms Egypt’s long-term credit rating at ‘B’ with a positive outlook

Fitch affirms Egypt’s long-term credit rating at ‘B’ with a positive outlook: Fitch Ratings reaffirmed Egypt’s long-term foreign-currency issuer default rating at ‘B’ and maintained its outlook as positive. The agency said that Egypt’s rating is supported by the implementation of necessary reforms, which have yielded positive results across a range of areas, such as FX reserves rising, inflation levels dropping, and foreign investments picking up. Despite the fiscal deficit and high debt, Fitch sees economic growth accelerating to 5.5% next fiscal year. It notes, however, that “public finances will remain a key weakness of Egypt's credit profile.” Tap or click here for the full report.