Moody’s upgrades Egypt’s credit rating to B2 with a stable outlook
Moody’s Investors Service upgraded on Wednesday Egypt’s sovereign credit rating to ‘B2’ from ‘B3’ and changed the outlook to stable from positive. The main drivers behind the decision were: i) the ongoing fiscal and economic reforms, which will support a gradual but steady improvement in fiscal metrics and raise real GDP growth; and ii) stronger state finances, together with the country’s banking sector, which will mitigate the effects of external financing shocks.
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