...Fitch Ratings has changed the Outlook on Egypt s BB+ Foreign Currency Issuer Default Rating (FC IDR) to Stable from Positive, reflecting the more challenging policy environment due to higher inflation, as manifest in a slower\##than\## expected reduction in the fiscal deficit both actual and prospective. The Local Currency (LC) IDR is downgraded to BBB\## , reflecting Egypt s recent record of high and volatile inflation, evident in predominantly short\##term domestic funding; its still high debt burden; its weak banking system; and growing foreign participation in the local market, which makes it harder to differentiate between domestic and foreign obligations. Egypt s BB+ FC IDR is supported primarily by its external strengths, with virtually all external indicators better t han BB m edians and most stronger t han BBB medians. Egypt is a solid net external creditor with a strong balance of payments. Although the current account...

Report Type: Full Rating Report
Company(ies): Government of Egypt
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