Fitch upgrades Egypt’s credit rating to B with stable outlook ...Egypt

EGYPT INDEPENDENT - Economy
Fitch upgrades Egypt’s credit rating to B with stable outlook
source : EGYPT INDEPENDENT ( Egypt ) () 78
Fitch Ratings upgraded Egypt’s credit rating from B- to B with a stable outlook. The credit rating agency said in a report on Friday that Egypt’s external resources were supported by foreign investment in Ras al-Hekma, non-resident inflows into the debt market, and new financing from international financial institutions, which was available with improved policy settings, including increased exchange rate flexibility and tighter monetary conditions. Fitch also noted the recovery in foreign reserves, and its somewhat increased confidence that a more flexible exchange rate policy will be more sustainable than it was in the past. The credit rating agency added that foreign reserves rose by $11.4

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