S&P Raises Egypt’s Credit Outlook From Stable to Positive ...Egypt

Standard and Poor’s (S&P) Global Ratings raised Egypt’s credit outlook from stable to positive on 18 March, weeks after the government decided to enforce a long-awaited free-floating currency exchange regime. “[The decision] reflects our view that the determination of the exchange rate via market forces will help drive GDP growth and over time support the government’s fiscal consolidation plan,” S&P explained. Despite the lift, the credit rating agency affirmed its current rating of Egypt at B-, placing it six notches into junk status, similar to El Salvador and Ecuador. “We view the exchange rate liberalization, coupled with Egypt’s commitment to ambitious budgetary consolidation targets, a

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