{"id":609400,"date":"2023-11-05T00:00:00","date_gmt":"2023-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/fitch-joins-moodys-sp-in-downgrading-egypts-credit-rating\/"},"modified":"2023-11-05T00:00:00","modified_gmt":"2023-11-05T00:00:00","slug":"fitch-joins-moodys-sp-in-downgrading-egypts-credit-rating","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/fitch-joins-moodys-sp-in-downgrading-egypts-credit-rating\/","title":{"rendered":"Fitch joins Moody\u2019s, S&P in downgrading Egypt\u2019s credit rating"},"content":{"rendered":"

And Fitch makes three: <\/strong>Fitch Ratings followed in the footsteps of S&P Global Ratings<\/a> and Moody\u2019s<\/a> in downgrading our sovereign credit rating deeper into junk on Friday, voicing concerns about our debt sustainability. In a statement<\/a> Friday, Fitch said it had cut our credit rating to B- from B due to \u201cincreased risks to external financing, macroeconomic stability and the trajectory of already-high government debt\u201d in addition to slow reform progress and FX constraints.<\/p>\n

Things could improve in the months ahead: <\/strong>Fitch revised its outlook to stable from negative on the expectation that the government will accelerate reforms \u2014 including on the exchange rate, privatization and reduced infrastructure spending \u2014 after the presidential election in December. This will \u201clikely pave the way for a new and potentially larger IMF program and additional support from the GCC.\u201d<\/p>\n

Currency uncertainty:<\/strong> \u201cThe Central Bank of Egypt's (CBE) ability to restore exchange rate and monetary credibility is uncertain,\u201d Fitch said. \u201cFloating the EGP, without rebuilding confidence and FX availability in the official market, may be associated with significant overshooting of interest rates and inflation \u2026 Delays in adjustment aggravate these risks, in our view.\u201d<\/p>\n

We\u2019ve got <\/strong>a lot of debt<\/a><\/strong> due this year and the next \u2014 and it\u2019ll probably get more expensive to service <\/strong>\u2014 and our financing options are limited, noting that we are \u201cincreasingly reliant on FDI\u201d to cover our current account deficit.<\/p>\n

FinMin reax: <\/strong>\u201cThe Egyptian economy is still capable of facing challenges and providing external financing needs,\u201d Finance Minister Mohamed Maait said<\/a> yesterday. Maait highlighted that we can access USD 5 bn annually from international development banks with easy terms and argued that this reflects the confidence of these institutions in the country\u2019s economic trajectory. Egypt has identified sources for external financing of USD 4 bn until the end of FY 23-24, Maait added, including a recent CNY-bond<\/a> issuance and a JPY-denominated offer that was completed on Thursday.<\/p>\n

The international press also had the story: <\/strong>Reuters<\/a> | Bloomberg<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The rating agency lowered its rating one notch to B- due to concerns over the currency and debt sustainability<\/p>\n","protected":false},"author":1,"featured_media":609401,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[7038,7106,104,72,8565,905,2234],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-balance-of-payments","tag-debt","tag-economy","tag-enterpriseam","tag-fitch","tag-fitch-ratings","tag-foreign-exchange","wpautop","entry"],"acf":{"mongo_id":"9dd47b4b-5995-4497-94b6-6d9d4bf39af7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/148.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fitch joins Moody\u2019s, S&P in downgrading Egypt\u2019s credit rating","related_issue":[609384],"teaser":"The rating agency lowered its rating one notch to B- due to concerns over the currency and debt sustainability","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.30d99c0d-ddb3-4a05-9617-2016e4289f44.mp3"},"yoast_head":"\nFitch joins Moody\u2019s, S&P in downgrading Egypt\u2019s credit rating - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/05\/fitch-joins-moodys-sp-in-downgrading-egypts-credit-rating\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch joins Moody\u2019s, S&P in downgrading Egypt\u2019s credit rating\" \/>\n<meta property=\"og:description\" content=\"The rating agency 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"Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1032.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586113,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/fitch-ratings-downgrades-our-credit-rating-for-the-first-time-since-2013\/","url_meta":{"origin":609400,"position":1},"title":"Fitch Ratings downgrades our credit rating for the first time since 2013","author":"enterpriseam admin","date":"7 May 2023","format":false,"excerpt":"Medium-term debt sustainability at risk","rel":"","context":"In 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\"banking\"","block_context":{"text":"banking","link":"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/695.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":620265,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/19\/fitch-upgrades-four-egyptian-banks-credit-rating-outlook-to-positive\/","url_meta":{"origin":609400,"position":3},"title":"Fitch upgrades four Egyptian banks\u2019 credit rating outlook to positive","author":"enterpriseam admin","date":"19 May 2024","format":false,"excerpt":"Fitch affirmed its B- rating for the four banks","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1376.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574382,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/08\/egypts-credit-rating-is-vulnerable-to-water-risks-fitch\/","url_meta":{"origin":609400,"position":4},"title":"Egypt\u2019s credit rating is vulnerable to water risks -Fitch","author":"enterpriseam admin","date":"8 September 2020","format":false,"excerpt":"Egypt\u2019s sovereign credit rating is \u201cparticularly\u201d exposed to water stress and drought risks, Fitch Ratings suggests. This comes as water security could soon weigh more in ratings decisions, Fitch\u2019s Mahmoud Harb and Kathleen Chen said in a recent research note. \u201cWater risks are likely to become a more important sovereign\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/99.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578949,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/fitch-ratings-is-positive-on-imf-agreement-egp-float-but\/","url_meta":{"origin":609400,"position":5},"title":"Fitch Ratings is positive on IMF agreement, EGP float, but\u2026","author":"enterpriseam admin","date":"19 January 2023","format":false,"excerpt":"IMF pact, EGP flexibility get the thumbs up from Fitch: Our USD 3 bn loan agreement with the IMF and the move to a permanently flexible exchange rate regime have garnered praise in a note from Fitch Ratings. The catch: Our sovereign debt remains at risk of a downgrade if\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/327.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609400","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=609400"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/609400\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/609384"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/609401"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=609400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=609400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=609400"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=609400"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=609400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}