S&P affirms Egypt's credit rating at B/B with stable outlook

CAIRO – 25 April 2022: Standard & Poor's (S&P) kept Saturday Egypt's long and short-term foreign and local currency sovereign credit ratings at B/B with a stable outlook, following a similar move by Fitch, which kept the rating at B+, also with a stable outlook.

Fitch's rating applies to long term rating, and local currency long term default rate. However, both the short term rating and the local currency short term default rate stand at B, while the country ceiling is B+.  

Fitch has maintained that rating for six times in a row since March 2019, when the outlook went up from B with a positive outlook to B+ with a stable outlook. The credit rating of Egypt by Fitch has been improving since January 2014, when it became B- with a stable outlook compared to B- with a negative outlook in July 2013. Then, in December 2014, it became B with a stable outlook and remained as is until January 2018, when it first hit B with a positive outlook.