Moody's Investors Service ("Moody's") has changed the outlook on the Government of Egypt's long-term issuer ratings to positive from stable and has affirmed the B3 issuer ratings.
At the same time, Moody's has affirmed Egypt's senior unsecured ratings at B3, and its senior unsecured MTN program rating at (P)B3.
Moody's decision to change the outlook to positive reflects the continuing structural improvements in the fiscal and current account balances, resulting from the ongoing implementation of the home-grown IMF-backed reform program. Moreover, early signs of business environment reforms offer the prospect of a sustainable, inclusive growth path capable of improving competitiveness and absorbing the country's rapidly expanding labor force.
At the same time, Moody's has affirmed Egypt's senior unsecured ratings at B3, and its senior unsecured MTN program rating at (P)B3.
Moody's decision to change the outlook to positive reflects the continuing structural improvements in the fiscal and current account balances, resulting from the ongoing implementation of the home-grown IMF-backed reform program. Moreover, early signs of business environment reforms offer the prospect of a sustainable, inclusive growth path capable of improving competitiveness and absorbing the country's rapidly expanding labor force.
