{"id":673364,"date":"2025-10-12T00:00:00","date_gmt":"2025-10-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/12\/sp-upgrades-our-sovereign-credit-rating-for-first-time-in-seven-years\/"},"modified":"2025-10-12T00:00:00","modified_gmt":"2025-10-12T00:00:00","slug":"sp-upgrades-our-sovereign-credit-rating-for-first-time-in-seven-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/12\/sp-upgrades-our-sovereign-credit-rating-for-first-time-in-seven-years\/","title":{"rendered":"S&P upgrades our sovereign credit rating for first time in seven years"},"content":{"rendered":"

S&P Global Ratings upgraded Egypt\u2019s long-term sovereign credit <\/strong>rating <\/strong>to B from B-<\/strong>, the first upgrade since 2018, while affirming its short-term rating at B, according to a report from the rating agency seen by EnterpriseAM. The decision reflects the \u201csignificant improvement in the Egyptian economy in light of structural reforms, the liberalization of the exchange rate, the increase in foreign direct investment, and the improvement of indicators,\u201d Finance Minister Ahmed Kouchouk told EnterpriseAM.<\/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

The agency points to international confidence in the country\u2019s reform agenda<\/strong>, supporting its rationale by noting that the float of the EGP led to \u201cGDP growth rebounding sharply\u201d in the previous fiscal year. The rating agency adds that the wider reform agenda has also increased tourism revenues and remittances and improved fiscal metrics. <\/p>\n

The post-float uptick in FDI along with IMF and other donor support have helped ease FX <\/strong>reserve and liquidity concerns<\/strong>, no more so than with the landmark USD 35 bn Ras El Hekma agreement. S&P sees net flows offsetting current account deficits until the end of the fiscal year 2027-2028 and usable reserves hitting USD 42 bn in the same period. Net external debt is seen falling to an average of 84% of current account receipts in the same time frame, down from an average of 134% in the four-year period ending in FY 2023-2024.<\/p>\n

Looking ahead, commitment to a flexible currency and the IMF\u2019s role as a \u201cpolicy <\/strong>anchor\u201d will lead to more growth and better fiscal indicators<\/strong> until the fiscal year ending 2028, even with \u201cglobal tariff-related volatility and regional geopolitical risks,\u201d according to S&P. <\/p>\n

The rating agency also posted a stable outlook<\/strong>, citing \u201cimproving growth prospects and<\/p>\n

improving balance of payments trends\u201d that have to be balanced against sizable deficits and debts. <\/p>\n

S&P could be persuaded to upgrade its outlook if there\u2019s a quicker-than-expected fall in <\/strong>net government and external debt<\/strong>, \u201cperhaps via an accelerated pace of deleveraging or higher FDI supported by the planned sale of state assets. We could also raise the rating should policies to diversify the economy and open up key sectors to foreign investment benefit the Egyptian economy, including the quality of external financing.\u201d However, the agency warns that it could move to downgrade its outlook if FX shortages return and the government diverts from its reform agenda. Negative rating actions could also be prompted by several other factors. These include Egypt undertaking a debt exchange that S&P views as distressed, or tariff-related and geopolitical disruptions that affect external market access and the cost of debt.<\/p>\n

Fitch Ratings also revisited its position on our sovereign debt over the weekend<\/strong>, reaffirming<\/a> its B rating and stable outlook. Fitched noted the country\u2019s relatively large economy, GDP potential, and continued support from international partners, but it warned of weak public finances and elevated debt service costs.<\/p>\n

The Finance Ministry was keen to say that it has no plans on backtracking on reform <\/strong>progress<\/strong>, with the government committed to \u201cenhancing investor confidence, expanding the tax base, supporting fiscal discipline, reducing debt ratios, boosting spending on social protection and human capital, maintaining low inflation rates, and achieving comprehensive and sustainable growth for the Egyptian people, led by an active and competitive private sector,\u201d Kouchouk told EnterpriseAM.<\/p>\n","protected":false},"excerpt":{"rendered":"

The move reflects \u201cinternational recognition of the country's unwavering commitment to reform and stability,\u201d Finance Minister Ahmed Kouchouk told EnterpriseAM<\/p>\n","protected":false},"author":1,"featured_media":673365,"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":[104,72,905,2234,1631],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-673364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-fitch-ratings","tag-foreign-exchange","tag-sp-global-ratings","wpautop","entry"],"acf":{"mongo_id":"aee46d36-31a9-4c4e-bd6b-0a43b0fd7948","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/10\/501.jpg","photo_position":"above","homepage_title":"","full_issue_title":"S&P upgrades Egypt\u2019s credit rating for first time in seven years","related_issue":[673356],"teaser":"The move reflects \u201cinternational recognition of the country's unwavering commitment to reform and stability,\u201d Finance Minister Ahmed Kouchouk told EnterpriseAM","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/10\/.9f1a6811-5e1d-4428-8bb7-4e9cc3fa277f.mp3"},"yoast_head":"\nS&P upgrades our sovereign credit rating for first time in seven years - 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\/2025\/10\/12\/sp-upgrades-our-sovereign-credit-rating-for-first-time-in-seven-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&P upgrades our sovereign credit rating for first time in seven 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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":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":673364,"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":655556,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/20\/fitch-upgrades-four-egyptian-banks-credit-ratings-to-b-on-the-back-of-sovereign-credit-improvements\/","url_meta":{"origin":673364,"position":5},"title":"Fitch upgrades four Egyptian banks\u2019 credit ratings to B on the back of sovereign credit improvements","author":"enterpriseam admin","date":"20 November 2024","format":false,"excerpt":"Fitch cited improved FX liquidity and a significant jump in net foreign assets","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\/11\/1913.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\/673364","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=673364"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/673364\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/673356"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/673365"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=673364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=673364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=673364"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=673364"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=673364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}