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The shift in outlook comes after a period of cautious optimism. In March 2024, S&P raised Egypt’s outlook to positive following the floatation of the Egyptian pound and a notable increase in foreign currency inflows. The move reflected confidence in the government’s economic reform agenda.
S&P Global Ratings has revised Egypt’s credit outlook from positive to stable, aligning with Fitch Ratings, which also maintained a stable view of the country’s credit standing.
Despite the shared outlook, both agencies continue to rate Egypt’s sovereign debt deep in junk territory — S&P at B-/B and Fitch at B — citing ongoing fiscal challenges, high borrowing costs, and exposure to global financial and geopolitical uncertainty.
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The shift in outlook comes after a period of cautious optimism. In March 2024, S&P raised Egypt’s outlook to positive following the floatation of the Egyptian pound and a notable increase in foreign currency inflows. The move reflected confidence in the government’s economic reform agenda.