Fitch’s Latest Rating Signals Optimism for Egypt’s Economy ...Egypt

Fitch Ratings, a global credit rating agency, has upgraded Egypt’s Long-Term Foreign-Currency Issuer Default Rating (IDR), a measure of a country’s ability to meet its financial obligations in foreign currencies, from ‘B-’ to ‘B,’ with a positive outlook as of 1 November. Credit rating agencies assess the creditworthiness of nations and organizations and play a huge role in shaping economic perceptions and influencing borrowing costs, which is the interest rates of funding whereas lower credit means higher borrowing costs and strong rating means lower costs. Their ratings, categorized on a scale ranging from ‘AAA,’ the highest level of creditworthiness, to ‘D,’ which signifies default, are

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Fitch’s Latest Rating Signals Optimism for Egypt’s Economy ...Egypt

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