Egypt’s Credit Rating Maintained by Moody’s on Continued Confidence: Finance Minister

Moody's Investors Service (Moody’s) has left Egypt's credit rating unchanged at B2 in both local and foreign currencies, whilst maintaining a "Stable Outlook" for the domestic economy.

Why it Matters?

According to Mohamed Maait, Egypt’s Minister of Finance, Moody’s decision to maintain Egypt’s credit rating shows the continued confidence of international establishments, especially that of credit rating institutions, in the robustness of the country’s economy. The decision also indicates Egypt’s ability to deal in a positive and flexible manner with COVID-19 relative to peer and emerging economies. He also noted that it shows the country’s capability in handling both external and internal shocks arising from th...