S&P affirms Egypt

Standard & Poor's said it affirmed its BB+ foreign currency and BBB- local currency long-term sovereign credit ratings on the Arab Republic of Egypt.

At the same time, the B foreign currency and A-3 local currency short-term ratings were also affirmed, the agency noted.

The outlook is stable.

According to S&P, the ratings on Egypt are underpinned by impressive progress on a wide-ranging program of structural reform and steadily improving economic and fiscal management.

This has delivered a sustained period of rising economic growth, robust external accounts and a steady improvement in weak public finances, the agency noted.

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