Fitch shifts Egypt view to negative

Fitch Ratings said it revised the outlook on Egypt's long-term foreign-currency issuer default rating (idr) to negative from stable, and affirmed the IDR at B+.

Key Rating Drivers

“The revision of the outlook to negative reflects the deterioration in Egypt's external liquidity position and reduced prospects for bond market access, leaving the country vulnerable to adverse global conditions at a time of high current account deficits (CADs) and external debt maturities,” the agency said in a press release.

Additionally, Fitch noted the Central Bank of Egypt’s reserves dropped to less than $32 billion by October 2022, from $35 billion in March and $40 billion in February; however, they have stabilized in recent months.

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