{"id":692841,"date":"2026-04-14T00:00:00","date_gmt":"2026-04-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=692841"},"modified":"2026-04-14T04:22:16","modified_gmt":"2026-04-14T04:22:16","slug":"sp-global-affirms-egypts-rating-at-b-b-stable-outlook","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/sp-global-affirms-egypts-rating-at-b-b-stable-outlook\/","title":{"rendered":"S&amp;P Global affirms Egypt\u2019s rating at B\/B, stable outlook"},"content":{"rendered":"<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>S&amp;P Global<\/strong><strong> affirmed Egypt\u2019s sovereign credit rating at \u2018B\/B\u2019 with a stable <\/strong><strong>outlook<\/strong>, striking a \u201cbalance between Egypt\u2019s medium-term growth prospects and strong reform momentum against renewed risks from a protracted conflict\u201d in the Gulf, according to its latest report. The move follows a similar decision by Moody\u2019s Ratings earlier this month, which <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/05\/moodys-affirms-caa1-as-interest-costs-and-the-iran-war-test-fiscal-gains\/\" target=\"_blank\" rel=\"noopener\">maintained<\/a> Egypt\u2019s Caa1 debt rating and positive outlook, signaling that the structural reforms kicked off with the float of the EGP in 2024 are providing a buffer against extreme regional pressure.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Behind the rating: <\/strong>The agency attributed its rating to Egypt\u2019s higher international reserves, which climbed to USD 52.8 bn as of March 2026 and a record net foreign asset position of USD 30 bn in the banking sector. Although the EGP lost about 13% of its value against the greenback since the onset of the war, the government has kept its thumb off the scale, maintaining its commitment to a flexible FX regime.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The stable outlook is underpinned by our continued commitment to an IMF-backed <\/strong><strong>reform program<\/strong>, but S&amp;P warns that progress is being offset by mounting external pressures. The agency flagged several triggers for a potential downgrade, including \u201cany backtracking on key reforms \u2014 particularly exchange rate flexibility\u201d\u2014 or a renewed widening of macro imbalances. Higher borrowing costs and limited access to international markets also remain significant risks to public finances.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>S&amp;P thinks we\u2019re going to remain highly vulnerable to regional geopolitical shocks<\/strong> that could threaten inflows of foreign currency and make imports more expensive. It sees the nation\u2019s current account deficit widening 4.8% of GDP in FY 2025-26, compared with 4.1% in its last forecast back in October. The comparable figure for FY 2024-25 was 4.2%.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">Egypt\u2019s key sources of hard currency are under pressure, including remittances from Egyptians living abroad, tourism receipts, and Suez Canal revenues. Still, it notes that Suez Canal revenues have remained relatively resilient, rising 21% y-o-y to around USD 3.0 bn in the first eight months of FY 2025-26, compared to USD 2.5 bn a year earlier, with no material impact from the war \u2014 so far.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>As a net energy importer since 2023, <\/strong><strong>Egypt also remains highly vulnerable to Israeli gas <\/strong><strong>import disruptions <\/strong>\u2014 which account for 60% of the country\u2019s total gas imports and 15-20% of its overall gas consumption. Furthermore, Egypt remains highly exposed to global food and wheat price instability, prompting the agency to widen its current account deficit forecast to 4.8% of GDP, up from 4.1% in October.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Foreign portfolio outflows are expected to remain elevated during periods of heightened <\/strong><strong>global risk aversion.<\/strong> The agency noted that around USD 10 bn exited Egypt within one month of the conflict\u2019s onset, mirroring patterns seen during the Russia-Ukraine war, when about USD 20 bn left local markets.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Despite a gradual improvement in Egypt\u2019s debt metrics<\/strong>, S&amp;P expects gross financing needs to remain elevated at above 40% of GDP. General government debt is expected to decline to 89% of GDP by June 2026 \u2014 down from a peak of 94% in 2023 \u2014 supported by stronger growth, exchange rate stability, and easing domestic yields. The ratio is forecast to fall further to 83% by June 2029.<\/p>\n<p><strong>Despite the conflict, S&amp;P expects GCC states to continue providing significant financial <\/strong><strong>support<\/strong>, citing Egypt\u2019s strategic regional role. This support is underpinned by large-scale investments, including a USD 35 bn development project in Ras El Hekma and a USD 30 bn tourism project in Alam El Roum. Complementing these are around USD 18 bn in GCC deposits held at the Central Bank of Egypt, which are expected to remain in place until the IMF program concludes in December 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Due to geopolitical tensions, the agency contracted their 2026\/27 forecast to 4.3%, down from 4.7%<\/p>\n","protected":false},"author":1,"featured_media":692842,"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":[104,72,348,1631],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-692841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","tag-gdp","tag-sp-global-ratings","wpautop","entry"],"acf":{"mongo_id":"0815d86e-40b3-4790-91b4-410479f3131f","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/4\/417.jpg","photo_position":"above","homepage_title":"","full_issue_title":"S&amp;P joins Moody\u2019s, holding our rating stable","related_issue":[692834],"teaser":"Due to geopolitical tensions, the agency contracted their 2026\/27 forecast to 4.3%, down from 4.7%","photo_link":"","related_sponsor":"","voice_url":"","en_translation_ref_id":"","section_story_id":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>S&amp;P Global affirms Egypt\u2019s rating at B\/B, stable outlook - 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\/2026\/04\/14\/sp-global-affirms-egypts-rating-at-b-b-stable-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&amp;P Global affirms Egypt\u2019s 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&quot;Economy&quot;","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":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":692841,"position":1},"title":"S&#038;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 &quot;Speed Round&quot;","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":573294,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/fitch-affirms-egypts-long-term-fx-issuer-rating-at-b-outlook-stable\/","url_meta":{"origin":692841,"position":2},"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 &quot;Speed Round&quot;","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":556371,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/24\/fitch-ratings-affirms-egypts-long-term-fx-issuer-default-rating-at-b-outlook-stable\/","url_meta":{"origin":692841,"position":3},"title":"Fitch Ratings affirms Egypt\u2019s long-term FX issuer default rating at B+; outlook stable","author":"enterpriseam admin","date":"24 October 2021","format":false,"excerpt":"Fitch Ratings affirmed Egypt\u2019s long-term foreign-currency issuer default rating (IDR) at \u2018B+\u2019 with a stable outlook on Wednesday. The rating is supported by Egypt\u2019s \u201crecent track record of fiscal and economic reforms,\u201d coupled with its large economy, which has remained stable and resilient through the global health crisis, as \u201ccontinued\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/239.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":692841,"position":4},"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 &quot;Speed Round&quot;","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":576024,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/08\/sp-affirms-egypts-b-credit-rating-outlook-at-stable\/","url_meta":{"origin":692841,"position":5},"title":"S&#038;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 &quot;Speed Round&quot;","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\/692841","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=692841"}],"version-history":[{"count":2,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/692841\/revisions"}],"predecessor-version":[{"id":692908,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/692841\/revisions\/692908"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/692834"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/692842"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=692841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=692841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=692841"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=692841"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=692841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}