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Egypt's diversified economy supports B2 credit rating – Moody's

Egypt's diversified economy supports B2 credit rating – Moody's
The most populous country's diversified economy is reflected in its “a3" economic strength

Cairo – Mubasher: Egypt’s economic strength has supported its B2 issuer credit rating by Moody’s Investors Service.

The most populous country's large and diversified economy is reflected in its “a3" economic strength, the international credit rating agency said in a statement on Monday.

In addition, the country’s “"b1" institutions and governance strength […] balances relatively weak but improving governance indicators with a solid track record of reform implementation over the past three years.”

However, public finances in Egypt are still “week”, pressured by high government debt burden that is now declining after increasing temporarily due to the pandemic.

In September, a Moody’s report showed that Egypt’s credit profile is resilient to shocks.