Egypt’s Credit Rating Maintained at ‘B’ Level with Stable Outlook: S&P

Standard and Poor’s (S&P) has retained Egypt’s credit rating of domestic and hard currencies at level B, with a Stable Outlook, according to local media reports.

The rating, which has been maintained for the second time in six months in 2020 (last rated in April 2020), is a sign of continued confidence of credit rating institutions in Egypt’s economic strength and ability to cope with the COVID-19 pandemic, according to Egyptian Minister of Finance, Mohamed Maait.

Maait stated that the rating reflects Egypt’s balanced economic performance compared to regional peers, while adding that the country’s Government continued to implement required structur...