Fitch Ratings on Friday lowered Egypt’s rating by one notch from “B+” to “B”, while converting its outlook to “negative”, which indicates that it may continue downgrading the rating further in coming months due to a host of economic problems. In a statement, the agency cited the increase in external financing risks in light of the high financing needs and the tightening of external financing conditions, noting that the high levels of public debt in Egypt still represent a major weakness in the rating. Ahmed Mostafa, professor of business administration and economist, confirmed that the state under President Abdel Fattah al-Sisi approved an unprecedented economic reform plan to advance the na
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