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Moody’s Egypt rating upgrade ‘positive’ for economy – FinMin

Moody’s Egypt rating upgrade ‘positive’ for economy – FinMin
Finance Minister Hany Qadry Dimian said Moody’s decision to upgrade Egypt’s outlook is positive for the economy and the country’s position in the global investment map.
International credit ratings agency Moody's on Monday upgraded Egypt's outlook to stable from negative, thus making the country's struggling economy more hospitable to international investors.
Moody's decision was based on improved political stability, fiscal consolidation and signs of growth recovery, but limited by high fiscal deficits and government debt levels.
The ratings agency also affirmed Egypt's government bond rating at Caa1.
Moody's saw 'strong support from external donors' as a factor for upgrading the country's outlook.
Moody's also affirmed the ratings for Egypt's backed global bonds at Aaa, foreign currency bond ceiling at B3, foreign currency deposit ceiling at Caa2 and local currency country risk ceiling at Ba3.
The Finance Minister noted that the country’s rating upgrade is not enough to reflect the positive developments achieved at the political and economic levels, as well as the structural reforms carried out by the government.
Dimian noted that upgrading Egypt’s credit rating is being done very slowly and is not proportionate with the pace of downgrading the country’s rating since January 2011.