Cairo – Mubasher: Standard & Poor’s Global Ratings (S&P) affirmed Egypt’s ‘B/B’ credit rating on Friday, as well as the “Stable” outlook.
The ratings agency attributed its decision to competitive exchange rates, improved key macroeconomic indicators, and increasing domestic gas production, which will enable Egypt to reduce its external balances.
Finance minister Mohamed Maait said that the report published by S&P represents an important evidence on the success of the Egyptian economic reform program and the improvement of the country's economic indices.
The rating will contribute to raising the confidence of the global institutions and the international investment community in the Egyptian economy, a move that will lure more investments, the minister indicated.
