Cairo - Mubasher: Moody's Ratings has affirmed Egypt's ‘Caa1’ long-term foreign and local currency issuer ratings and maintained the positive outlook, according to a press release.
“We have concurrently affirmed Egypt's foreign-currency senior unsecured ratings at 'Caa1' and its foreign-currency senior unsecured MTN program rating at (P)Caa1,” the agency stated.
It added: “We have concurrently maintained the positive outlook on the Egyptian Financial Corporation for Sovereign Taskeek.”
Placed since 2024, the positive outlook highlights Egypt's sustainable fiscal and external improvements, thanks to the authorities' policy and reform commitment.
The government has maintained sizeable primary fiscal surpluses, while the Central Bank of Egypt (CBE) has prioritized disinflation and external rebalancing, helping to restore macroeconomic stability.
Nonetheless, the state’s debt and external vulnerabilities still limit its credit profile, leaving the sovereign particularly exposed to the ongoing oil price shock and the associated risks of tighter global financing conditions.
Such developments might reverse the credit-positive trend achieved so far, a key consideration underpinning the affirmation of the 'Caa1' ratings.
