S&P affirms Egypt

Standard & Poor's said it affirmed the BB+ foreign-currency and BBB- local-currency long-term sovereign credit ratings on the Arab Republic of Egypt. The B foreign-currency and A-3 local-currency short-term ratings were affirmed.

The outlook is stable.

S&P said the spike in year-on-year consumer price inflation, driven mostly by soaring international commodity prices, presents considerable challenges.

Weak monetary transmission and low income levels among the bulk of the population also pose problems, the agency said.

Ratings are supported by the commitment the government has shown to structural reform and fiscal consolidation since mid-2004 with a reform-oriented cabinet, S&P noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.