{"id":617258,"date":"2024-03-19T00:00:00","date_gmt":"2024-03-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/sp-upgrades-egypts-credit-outlook-to-positive\/"},"modified":"2024-03-19T00:00:00","modified_gmt":"2024-03-19T00:00:00","slug":"sp-upgrades-egypts-credit-outlook-to-positive","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/19\/sp-upgrades-egypts-credit-outlook-to-positive\/","title":{"rendered":"S&P upgrades Egypt\u2019s credit outlook to positive"},"content":{"rendered":"

S&P Global Ratings <\/strong>has become the second rating agency this <\/strong>month to upgrade Egypt\u2019s outlook<\/strong>, raising its outlook to positive from stable, citing a significant increase in foreign direct investment<\/a> and recent policy measures<\/a> taken by the Central Bank of Egypt that have helped the country access a bigger package from the International Monetary Fund.<\/p>\n

S&P also affirmed its B-\/B rating <\/strong>\u2014 six notches into junk territory \u2014 for Egypt\u2019s long- and short-term foreign and local currency sovereign credit. <\/p>\n

The rationale:<\/strong> Egypt\u2019s positive outlook \u201creflects our view that the determination of the exchange rate via market forces will help drive GDP growth and over time support the government\u2019s fiscal consolidation plan,\u201d S&P said.<\/p>\n

Driving the upgrade:<\/strong> S&P points to the \u201csignificant steps\u201d taken by authorities to address the country\u2019s macroeconomic imbalances as well as FX inflows as the main drivers behind its outlook upgrade. Additionally, packages from our partners and the central bank\u2019s decision to float the EGP \u201cshould significantly reduce the dislocation in the foreign currency market, while shoring up confidence and growth.\u201d<\/p>\n

Long term we\u2019re looking at lower inflation, interest, and debt: <\/strong>The policy measures and funding \u201cshould support Egypt\u2019s ability to adjust to external shocks and eventually reduce inflation, interest rates and government debt service costs,\u201d S&P said. <\/p>\n

Securing an upgrade: <\/strong>The rating agency would consider raising Egypt\u2019s ratings if the country\u2019s net government or external debt positions improve faster than expected \u201cperhaps via an accelerated pace of deleveraging or FDI supported by the planned sale of state assets.\u201d An upgrade could also be supported \u201cif the wider availability of foreign currency results in the reduction of restrictions on foreign exchange.\u201d<\/p>\n

Don\u2019t get too excited: <\/strong>Egypt\u2019s outlook could be revised back to stable \u201cif the authorities\u2019 commitment to macroeconomic reform, including exchange rate flexibility, wanes and economic imbalances, such as foreign currency shortages, build again,\u201d S&P said.<\/p>\n

In case you missed it:<\/strong> Moody\u2019s upgraded Egypt\u2019s outlook<\/a> to positive from negative and affirmed the country\u2019s Caa1 rating earlier this month, citing the Ras El Hekma agreement and recent policy measures. <\/p>\n

MEANWHILE- Fitch said it <\/strong>doesn\u2019t see a credit rating<\/a> <\/strong>upgrade in Egypt\u2019s future just yet<\/strong>, with the agency\u2019s head of Middle East and Africa sovereigns Toby Iles saying that the developments were \u201calready sort of baked into the rating and its stable outlook.\u201d Fitch will review the country\u2019s rating in May, which Iles has said will be too early to judge the trajectory of Egypt\u2019s public finances.<\/p>\n

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

S&P also affirmed its B-\/B rating for Egypt\u2019s long- and short-term foreign and local currency sovereign credit.<\/p>\n","protected":false},"author":1,"featured_media":617259,"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":[271,104,72,2234,1631],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-617258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-foreign-exchange","tag-sp-global-ratings","wpautop","entry"],"acf":{"mongo_id":"5246f884-5ccd-4d4c-b396-7f100a7217d8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1624.jpg","photo_position":"above","homepage_title":"","full_issue_title":"S&P upgrades Egypt\u2019s credit outlook to positive","related_issue":[617251],"teaser":"S&P also affirmed its B-\/B rating for Egypt\u2019s long- and short-term foreign and local currency sovereign credit.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.50cdfe4f-2c23-492a-aaa7-f43deae1239c.mp3"},"yoast_head":"\nS&P upgrades Egypt\u2019s credit outlook to positive - 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S&P\u2019s outlook rests on the expectation that \u201cthe weakening of external and government debt metrics\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\/11\/79.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550299,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/sp-global-affirms-egypts-rating-amid-imf-gcc-support\/","url_meta":{"origin":617258,"position":2},"title":"S&P Global affirms Egypt\u2019s rating amid IMF, GCC support","author":"enterpriseam admin","date":"23 October 2022","format":false,"excerpt":"S&P Global Ratings has affirmed Egypt\u2019s B credit rating with a stable outlook on the back of expectations that fresh financial support from the IMF and the GCC will help us meet our \u201clarge\u201d external funding needs. The ratings agency believes that the Madbouly government\u2019s track record of reform and\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\/2022\/10\/298.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570873,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/21\/sp-affirms-egypts-sovereign-credit-rating-at-b-outlook-at-stable-despite-covid-19-crisis\/","url_meta":{"origin":617258,"position":3},"title":"S&P affirms Egypt\u2019s sovereign credit rating at B, outlook at stable, despite covid-19 crisis","author":"enterpriseam admin","date":"21 April 2020","format":false,"excerpt":"S&P maintains Egypt\u2019s B credit rating with stable outlook despite covid-19 crisis: S&P Global Ratings has maintained Egypt\u2019s B credit rating and its outlook at stable despite forecasting a \u201csharp decline\u201d in economic activity due to the covid-19 pandemic. \u201cThe stable outlook reflects our expectation that the fall in Egypt\u2019s\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\/4\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574688,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/17\/fitch-affirms-nbe-credit-rating-at-b-with-a-stable-outlook\/","url_meta":{"origin":617258,"position":4},"title":"Fitch affirms NBE credit rating at B+ with a stable outlook","author":"enterpriseam admin","date":"17 September 2020","format":false,"excerpt":"Fitch Ratings has affirmed the long-term issuer default Rating for the National Bank of Egypt at 'B+' with a stable outlook, it said on Wednesday. The ratings agency also removed it from its rating watch negative list, reflecting its view of diminishing near-term risks to its credit profile, especially its\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":585854,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/01\/sp-lowers-credit-outlook-on-nbe-banque-misr-cib-to-negative\/","url_meta":{"origin":617258,"position":5},"title":"S&P lowers credit outlook on NBE, Banque Misr + CIB to negative","author":"enterpriseam admin","date":"1 May 2023","format":false,"excerpt":"Welcome to the sovereign ceiling\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\/internal\/wp-content\/uploads\/2023\/05\/National-Bank-of-Egypt3-1920px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617258","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=617258"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617258\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/617251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/617259"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=617258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=617258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=617258"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=617258"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=617258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}