Moody’s changes Egypt outlook

Moody's Investors Service said it changed the outlook on Egypt to negative from stable and affirmed the Caa1 long-term foreign and local currency issuer ratings.

Moody's affirmed Egypt's foreign-currency senior unsecured ratings at Caa1, and its foreign-currency senior unsecured medium-term note program rating at provisional Caa1.

In addition, Moody's affirmed the backed senior unsecured ratings of the Egyptian Financial Co. for Sovereign Taskeek at Caa1 and its program rating at provisional Caa1 which are, in Moody's view, ultimately the obligation of the Government of Egypt.

“The change in outlook to negative reflects increasing risks that Egypt's credit profile will continue to weaken amid difficult macroeconomic and exchange rate rebalancing, despite continued fiscal consolidation efforts and official sector support,” the agency said in a news release.

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