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· Moody’s noted that the credit profile of Egypt (issuer rating B2) is supported by “a3” economic strength, reflecting the country’s large and diversified economy
· Relatively low levels of foreign currency-denominated and external government debt also support Egypt’s credit profile
Moody’s Investors Service (Moody’s) completed the periodic review of a group of issuers, including Egypt.
Moody’s noted that the credit profile of Egypt (issuer rating B2) is supported by “a3” economic strength, reflecting the country’s large and diversified economy. Earlier in September, Moody’s said in a report that Egypt’s (B2 stable) credit profile reflects its sizable and diversified economy, large domestic funding base, and projected foreign exchange reserves that are enough to cover maturing external liabilities over the next three years.
Relatively low levels of foreign currency-denominated and external government debt also support Egypt’s credit profile. Declining inflation and credible monetary policies have also allowed the central bank to cut interest rates, which has contributed towards the gradual decline of government’s domestic borrowing costs.
