{"id":630175,"date":"2018-04-15T03:56:47","date_gmt":"2018-04-15T03:56:47","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/"},"modified":"2018-04-15T03:56:47","modified_gmt":"2018-04-15T03:56:47","slug":"why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/","title":{"rendered":"Why aren\u2019t ratings agencies seeing the same picture as investors when it comes to Egypt?"},"content":{"rendered":"

<\/a> Why aren\u2019t ratings agencies seeing the same picture as investors when it comes to Egypt?<\/strong> \u201cEgypt is bucking the conventional wisdom when it comes to gauging a country\u2019s ability to repay its debt,\u201d writes Bloomberg\u2019s Ahmed Feteha<\/a>. With a B3 rating from Moody\u2019s and B- from S&P, Egypt is ranked below Nigeria and Argentina by both agencies. Yet the cost of insuring Egypt\u2019s debt against default for five years is lower than Nigeria\u2019s and almost the same as Argentina\u2019s, says Feteha. Inflows to Egypt\u2019s debt have risen to over USD 20 bn since the EGP float, raising USD 2.4 bn through a eurobond issuance last week. Its equities have outperformed peers, rising 18% since the beginning of 2018, the third-best performer out of 106 indexes tracked by Bloomberg. \u201cNo matter what they say, investors prefer strong macro and political continuity<\/strong>,\u201d said Elina Ribakova, head of EMEA Research at Deutsche Bank AG in London. Argentina is still struggling to get inflation under control, while Nigeria\u2019s foreign currency regime is \u201cfar from transparent,\u201d she said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Why aren\u2019t ratings agencies seeing the same picture as investors when it comes to Egypt? \u201cEgypt is bucking the conventional wisdom when it comes to gauging a country\u2019s ability to repay its debt,\u201d writes Bloomberg\u2019s Ahmed Feteha. With a B3 rating from Moody\u2019s and B- from S&P, Egypt is ranked below Nigeria and Argentina by […]<\/p>\n","protected":false},"author":1,"featured_media":630176,"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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-630175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"9e49829b-f9e6-47f8-a0af-69ff1737327d","order":"0","is_powered_by":true,"section_story_id":"950491c2-a6f7-4c0d-b2a7-b23d78bd22a2","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/4\/619.jpg","photo_position":"above","related_issue":[630164],"teaser":"","voice_url":""},"yoast_head":"\nWhy aren\u2019t ratings agencies seeing the same picture as investors when it comes to Egypt? - 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\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why aren\u2019t ratings agencies seeing the same picture as investors when it comes to Egypt?\" \/>\n<meta property=\"og:description\" content=\"Why aren\u2019t ratings agencies seeing the same picture as investors when it comes to Egypt? \u201cEgypt is bucking the conventional wisdom when it comes to gauging a country\u2019s ability to repay its debt,\u201d writes Bloomberg\u2019s Ahmed Feteha. With a B3 rating from Moody\u2019s and B- from S&P, Egypt is ranked below Nigeria and Argentina by […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-15T03:56:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2018\/4\/619.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Why aren\u2019t ratings agencies seeing the same picture as investors when it comes to Egypt?\",\"datePublished\":\"2018-04-15T03:56:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/\"},\"wordCount\":194,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2018\/4\/619.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/\",\"name\":\"Why aren\u2019t ratings agencies seeing the same picture as investors when it comes to Egypt? 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With a B3 rating from Moody\u2019s and B- from S&P, Egypt is ranked below Nigeria and Argentina by […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2018-04-15T03:56:47+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2018\/4\/619.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Why aren\u2019t ratings agencies seeing the same picture as investors when it comes to Egypt?","datePublished":"2018-04-15T03:56:47+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/"},"wordCount":194,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2018\/4\/619.jpg?fit=%2C&ssl=1","keywords":["EnterpriseAM","SPEED ROUND"],"articleSection":["Speed Round"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/","url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/why-arent-ratings-agencies-seeing-the-same-picture-as-investors-when-it-comes-to-egypt\/","name":"Why aren\u2019t ratings agencies seeing the same picture as investors when it comes to Egypt? 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He says this is \u201ca sign that investor confidence isn\u2019t waning five months after authorities floated the pound and secured an IMF loan.\u201d Foreign holdings of Egyptian government securities reached\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":647355,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/09\/market-implies-that-egypts-credit-rating-should-be-higher\/","url_meta":{"origin":630175,"position":1},"title":"Market implies that Egypt\u2019s credit rating should be higher","author":"enterpriseam admin","date":"9 May 2017","format":false,"excerpt":"Egypt\u2019s performance on the bond market merits a credit upgrade, Ahmed Namatalla and Ahmed Feteha write for Bloomberg. \u201cThe nation\u2019s debt has had an implied rating of B2 or better for almost three months, according to Moody\u2019s Analytics, one level higher than its official grade.\u201d Egypt\u2019s current credit rating at\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":585586,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/26\/sp-global-ratings-lowers-egypts-debt-outlook\/","url_meta":{"origin":630175,"position":2},"title":"S&P Global Ratings lowers Egypt\u2019s debt outlook","author":"enterpriseam admin","date":"26 April 2023","format":false,"excerpt":"S&P + IMF + World Bank want to see progress in our policy implementation","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\/4\/786.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":650191,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/19\/overseas-holdings-of-t-bills-triple-since-january-reach-egp-60-8-bn\/","url_meta":{"origin":630175,"position":3},"title":"Overseas holdings of T-bills triple since January, reach EGP 60.8 bn","author":"enterpriseam admin","date":"19 March 2017","format":false,"excerpt":"Foreign investors\u2019 holdings of Egyptian treasury bills by foreign investors have almost tripled since January, Bloomberg\u2019s Ahmed Feteha reports. Overseas holdings of T-bills amounted to EGP 60.8 bn (USD 3.3 bn) as of March 14, the Finance Ministry\u2019s head of public debt Samy Khallaf said in an interview. The number\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570238,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/24\/strong-fx-reserves-fiscal-reform-to-mitigate-short-term-headwinds-on-egypts-external-account-fitch-ratings\/","url_meta":{"origin":630175,"position":4},"title":"Strong FX reserves, fiscal reform to mitigate short-term headwinds on Egypt\u2019s external account -Fitch Ratings","author":"enterpriseam admin","date":"24 March 2020","format":false,"excerpt":"Strong FX reserves, fiscal reform to mitigate short-term headwinds on Egypt\u2019s external account -Fitch Ratings: Strong international reserves and the government\u2019s fiscal reforms will help to mitigate the impact of the covid-19 shock on Egypt\u2019s credit position, but the fallout will nonetheless have a significant impact on the country\u2019s GDP\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\/3\/270.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576024,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/08\/sp-affirms-egypts-b-credit-rating-outlook-at-stable\/","url_meta":{"origin":630175,"position":5},"title":"S&P affirms Egypt\u2019s B credit rating, outlook at stable","author":"enterpriseam admin","date":"8 November 2020","format":false,"excerpt":"S&P Global Ratings has affirmed Egypt\u2019s B sovereign credit rating with a stable outlook, despite elevated external risks from covid-19, according to a research note over the weekend, leaving its ratings largely unchanged since April. 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/630175","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=630175"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/630175\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/630164"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/630176"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=630175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=630175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=630175"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=630175"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=630175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}