{"id":634528,"date":"2018-01-17T04:14:28","date_gmt":"2018-01-17T04:14:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/17\/fitch-revises-egypts-outlook-to-positive-affirms-rating-at-b\/"},"modified":"2018-01-17T04:14:28","modified_gmt":"2018-01-17T04:14:28","slug":"fitch-revises-egypts-outlook-to-positive-affirms-rating-at-b","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/17\/fitch-revises-egypts-outlook-to-positive-affirms-rating-at-b\/","title":{"rendered":"Fitch revises Egypt\u2019s outlook to \u2018positive,\u2019 affirms rating at \u2018B\u2019"},"content":{"rendered":"

<\/a> Fitch revises Egypt\u2019s outlook to positive, affirms rating at \u2018B:\u2019 <\/strong>Ratings agency Fitch has revised Egypt\u2019s long-term foreign currency issuer default rating to \u2018positive\u2019 from \u2018stable\u2019 and affirmed the rating at \u2018B.\u2019 Fitch says macroeconomic stability in Egypt is starting to improve from a fragile state. Public finances will remain a key weakness of the country\u2019s credit profile, but expect continued fiscal consolidation to start to reduce government debt to GDP in FY 2018-19, the ratings agency says. Tap or click here for the full report<\/a>.<\/p>\n

This comes as Moody\u2019s predicts that Egypt\u2019s growth will accelerate to 5.0% in FY2019 and then to 5.5% by 2021 \u2014 the strongest growth rate in the Levant and North Africa region.<\/strong> In its regional outlook (pdf)<\/a>, Moody\u2019s credits structural reforms with driving the economy away from a consumer-based growth model and towards a more diversified activity, with the EGP float increasing Egypt\u2019s competitiveness. The flotation, coupled with new large gas finds in Zohr, will help further drive a structural improvement in the current account deficit to around 3.0% of GDP by 2021 from 6.8% in 2017.<\/p>\n

On the other hand, the report predicts that fiscal consolidation in Egypt will be harder in the coming period<\/strong>, largely as a result of high inflation and interest spending at levels above 40% of GDP, which has led to led to an estimated deficit of 11% of GDP in 2017. The ratings agency expects the budget deficit to fall to 10% in 2018 and 8.5% in 2019. Continued fiscal consolidation will lower the debt-to-GDP ratio, which Moody\u2019s expects will peak at 100% in 2017 and fall to 83% of GDP.<\/p>\n

And what\u2019s the biggest risk we face to this growth acceleration?<\/strong> You guessed it: it\u2019s the election. Moody\u2019s is running the same worn-out line as plenty of analysts that a government, which for the past four years has remained steadfast in its commitment to reform, might reverse course to win political favor in the very short months of the election cycle. Moody\u2019s domestic political risk assessment remains at \u201cHigh (-)\u201d.<\/p>\n

Commenting on the outlook change from Fitch, Finance Minister Amr El Garhy stated the move was crucial in helping to reduce Egypt\u2019s borrowing costs<\/strong> while also bolstering confidence in Egypt\u2019s economy. This is made more crucial as Egypt heads to the international bond market at the end of the month to sell USD 3-4 bn USD-denominated eurobonds. El Garhy assured that Egypt has the political will to continue with the reform agenda, according to a Finance Ministry statement<\/a>.<\/p>\n

Our reminder: <\/strong>President Abdel Fattah El Sisi will run. Nasserist (or at least soft-socialist) murmurings will be made by politicians of all stripes. The president will win a second term. The international press will kick the daylights out of us throughout the entire process (sometimes rightfully, but do you really think Egypt could do what KSA is doing right now at the Ritz and not already be under an international sanctions regime?) And in the end: Policy stability will prevail and we\u2019ll remain the best place in the region to invest if your horizon is medium-to-long term.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch revises Egypt\u2019s outlook to positive, affirms rating at \u2018B:\u2019 Ratings agency Fitch has revised Egypt\u2019s long-term foreign currency issuer default rating to \u2018positive\u2019 from \u2018stable\u2019 and affirmed the rating at \u2018B.\u2019 Fitch says macroeconomic stability in Egypt is starting to improve from a fragile state. Public finances will remain a key weakness of the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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-634528","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"fc4ce158-9b2a-4c7d-a4e7-58a6fb68c82a","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[634519],"teaser":"","voice_url":""},"yoast_head":"\nFitch revises Egypt\u2019s outlook to \u2018positive,\u2019 affirms rating at \u2018B\u2019 - 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\/01\/17\/fitch-revises-egypts-outlook-to-positive-affirms-rating-at-b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch revises Egypt\u2019s outlook to \u2018positive,\u2019 affirms rating at \u2018B\u2019\" \/>\n<meta property=\"og:description\" content=\"Fitch revises Egypt\u2019s outlook to positive, affirms rating at \u2018B:\u2019 Ratings agency Fitch has revised Egypt\u2019s long-term foreign currency issuer default rating to \u2018positive\u2019 from \u2018stable\u2019 and affirmed the rating at \u2018B.\u2019 Fitch says macroeconomic stability in Egypt is starting to improve from a fragile state. 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The agency said that Egypt\u2019s rating affirmation is supported by \u201ca recent track record of economic and fiscal reforms, and improvements to macroeconomic stability and external finances.\u201d On the flipside, Egypt\u2019s \u201cstill large fiscal\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\/5\/178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":625507,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/08\/07\/fitch-affirms-egypts-long-term-credit-rating-at-b-with-a-positive-outlook\/","url_meta":{"origin":634528,"position":1},"title":"Fitch affirms Egypt\u2019s long-term credit rating at \u2018B\u2019 with a positive outlook","author":"enterpriseam admin","date":"7 August 2018","format":false,"excerpt":"Fitch affirms Egypt\u2019s long-term credit rating at \u2018B\u2019 with a positive outlook: Fitch Ratings reaffirmed Egypt\u2019s long-term foreign-currency issuer default rating at \u2018B\u2019 and maintained its outlook as positive. The agency said that Egypt\u2019s rating is supported by the implementation of necessary reforms, which have yielded positive results across a\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":644705,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/02\/fitch-affirms-egypts-credit-rating-at-b-outlook-stable\/","url_meta":{"origin":634528,"position":2},"title":"Fitch affirms Egypt\u2019s credit rating at B, outlook stable","author":"enterpriseam admin","date":"2 July 2017","format":false,"excerpt":"Ratings agency Fitch has affirmed Egypt's Long-Term Foreign- and Local-Currency Issuer Default Ratings at B with a stable outlook. The main factors that Fitch says, individually or collectively, could lead to a positive action are: Continued progress on fiscal consolidation leading to declining government debt\/GDP, sustained stronger economic growth supported\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":573294,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/fitch-affirms-egypts-long-term-fx-issuer-rating-at-b-outlook-stable\/","url_meta":{"origin":634528,"position":3},"title":"Fitch affirms Egypt\u2019s long-term FX issuer rating at B+; outlook stable","author":"enterpriseam admin","date":"28 July 2020","format":false,"excerpt":"Fitch Ratings affirmed yesterday Egypt\u2019s long-term foreign-currency issuer default rating at \u2018B+\u2019 with a \u2018stable\u2019 outlook. The ratings agency said that Egypt\u2019s \u201crecent track record of fiscal and economic reforms, policy commitment to furthering the reform program and ready availability of fiscal and external financing in the face of the\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\/7\/224.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586887,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/18\/fitch-downgrades-credit-ratings-of-four-local-banks\/","url_meta":{"origin":634528,"position":4},"title":"Fitch downgrades credit ratings of four local banks","author":"enterpriseam admin","date":"18 May 2023","format":false,"excerpt":"The banks now have a rating of B, down from B+","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\/5\/1032.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":634528,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/634528","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=634528"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/634528\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/634519"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=634528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=634528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=634528"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=634528"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=634528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}