Cairo-Mubasher: Capital Intelligence (CI), the international credit rating agency, said on Sunday it has affirmed Egypt's long-term foreign and local currency ratings of ‘B-’.
The agency also affirmed the country’s short-term foreign and local currency ratings of ‘B’, with stable outlook.
The affirmation of Egypt’s ratings takes into account the country’s comparatively low external debt and favourable maturity profile, the stabilisation of short-term financing risks, as well as the government’s commitment to gradually introducing reforms to rein in current spending and broaden the tax base, the agency said.
It added that Egypt’s ratings continue to be constrained by institutional weaknesses, low GDP per capita, high socioeconomic imbalances and ongoing foreign currency shortages.
