{"id":653588,"date":"2024-10-20T00:00:00","date_gmt":"2024-10-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/20\/sp-maintains-egypts-positive-credit-outlook-and-rating\/"},"modified":"2024-10-20T00:00:00","modified_gmt":"2024-10-20T00:00:00","slug":"sp-maintains-egypts-positive-credit-outlook-and-rating","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/20\/sp-maintains-egypts-positive-credit-outlook-and-rating\/","title":{"rendered":"S&P maintains Egypt\u2019s positive credit outlook and rating"},"content":{"rendered":"

Stay positive: <\/strong>S&P Global Ratings decided to keep the country\u2019s long- and short-term sovereign credit rating outlook as positive, it said in a d<\/a>isclosure<\/a>. The rating agency pointed to \u201cthe potential for further improvements in Egypt\u2019s external and fiscal positions\u201d alongside its belief that the new post-float EGP will \u201chelp drive GDP growth and, over time, support fiscal consolidation\u201d as some of the main reasons behind its decision.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/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

S&P\u2019s confidence in the country has been growing since the float of the EGP: <\/strong>The rating agency upgraded our outlook from stable to positive in March<\/a> shortly following the float of the EGP, citing \u201csignificant steps\u201d taken by authorities to address the country\u2019s macroeconomic imbalances as well as FX inflows, along with the central bank\u2019s decision to float the EGP.<\/p>\n

A sooner-than-you-think credit rating upgrade could be in the cards: <\/strong>S&P says it could upgrade Egypt\u2019s credit rating if the net government and external debt falls considerably faster than forecasted. The rating agency says this could be achieved through accelerated deleveraging or uptick in FDI driven by the state\u2019s privatization push.<\/p>\n

But so is a downgrade of our outlook \u2014 or even rating: <\/strong>The rating cautions that its outlook could be affected by the state straying from its path of macroeconomic reform, with specific reference to the flexibility of the exchange rate. A rating cut further into junk territory is also a possibility if high interest rates \u201cprompt the government to undertake a debt exchange that we consider to be distressed\u201d or if the rising geopolitical risks in the region start to have a larger effect on the country.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s long- and short-term sovereign credit rating still stands at B-\/B<\/p>\n","protected":false},"author":1,"featured_media":653589,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[104,72,103,2234,272,1631],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-653588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-fdi","tag-foreign-exchange","tag-imf","tag-sp-global-ratings","wpautop","entry"],"acf":{"mongo_id":"5e07bfd6-16ad-4072-ba35-fbd1863c1e13","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1575.jpg","photo_position":"above","homepage_title":"","full_issue_title":"S&P maintains Egypt\u2019s positive credit outlook and rating","related_issue":[653578],"teaser":"Egypt\u2019s long- and short-term sovereign credit rating still stands at B-\/B","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.549e8dfe-341c-4292-a2c9-91c682db51d3.mp3"},"yoast_head":"\nS&P maintains Egypt\u2019s positive credit outlook and 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\/2024\/10\/20\/sp-maintains-egypts-positive-credit-outlook-and-rating\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&P maintains Egypt\u2019s positive credit outlook and rating\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s long- and short-term sovereign credit rating still stands at 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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":578949,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/fitch-ratings-is-positive-on-imf-agreement-egp-float-but\/","url_meta":{"origin":653588,"position":2},"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":[]},{"id":585854,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/01\/sp-lowers-credit-outlook-on-nbe-banque-misr-cib-to-negative\/","url_meta":{"origin":653588,"position":3},"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":[]},{"id":579160,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/sp-global-affirms-egypts-rating-on-exchange-rate-flexibility-amid-imf-gcc-support\/","url_meta":{"origin":653588,"position":4},"title":"S&P Global affirms Egypt\u2019s rating on exchange rate flexibility amid IMF, GCC support","author":"enterpriseam admin","date":"29 January 2023","format":false,"excerpt":"S&P Global Ratings has affirmed Egypt\u2019s B credit rating with a stable outlook, saying it expects fresh financial support from the IMF and the GCC will help us meet our external funding needs. The rating agency believes that Egypt will be able to rely on lenders to satisfy its FX\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\/474.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593361,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/26\/fitch-affirms-egypts-long-term-fx-issuer-default-rating-at-b-with-a-stable-outlook\/","url_meta":{"origin":653588,"position":5},"title":"Fitch affirms Egypt\u2019s long-term FX issuer default rating at B+ with a stable outlook","author":"enterpriseam admin","date":"26 November 2019","format":false,"excerpt":"Fitch Ratings has affirmed Egypt\u2019s long-term foreign-currency issuer default rating at \u2018B+\u2019 with a \u2018stable\u2019 outlook. 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/653588","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=653588"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/653588\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/653578"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/653589"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=653588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=653588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=653588"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=653588"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=653588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}