S&P affirms Egypt

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

The outlook is stable.

The agency said the sovereign ratings on Egypt are underpinned by a strong commitment to the reform of economic and fiscal management, a fairly strong banking sector and an improved monetary policy framework that has permitted greater flexibility in exchange-rate management.

However, these strengths are countered by large fiscal deficits and a fairly high debt burden compared with other similarly rated peers, a relatively poor population and ongoing uncertainties concerning presidential succession, S&P said.

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