S&P rates Egypt bond BB+

Standard & Poor's said it assigned its BB+ long-term senior unsecured debt rating to the Arab Republic of Egypt's (foreign currency BB+/stable/B, local currency BBB-/stable/A-3) upcoming Egyptian pound bond.

"The ratings on Egypt are underpinned by sound progress on structural reform and improved economic and fiscal management," said S&P credit analyst Farouk Soussa.

"Economic growth has picked up and external finances have remained robust, supported by the nontrade balance of the current account and strong capital inflows. Nevertheless, government finances remain a key challenge in the medium term."

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