Fitch Ratings has affirmed Egypt's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B' with a Stable Outlook. The issue ratings on Egypt's senior unsecured foreign- and local-currency bonds are also affirmed at 'B'. The Country Ceiling and the Short-Term Foreign- and Local-Currency IDRs are all affirmed at 'B'. The ratings balance a large fiscal deficit, a high general government debt/GDP ratio, strains on the balance of payments and recent volatile political history, with low albeit rising external debt and renewed progress in implementing an economic and fiscal reform programme. The Stable Outlook reflects Fitch's assessment that upside and downside risks to the ratings are currently balanced. (Reuters)