Fitch affirms Egypt

Fitch Ratings said it affirmed Egypt's long-term foreign currency issuer default rating at BB+, long-term local currency issuer default rating at BBB- and short-term foreign currency issuer default rating at B.

The outlook is stable.

The ratings reflect the resilience of Egypt's economy to the global financial crisis and its strong external indicators, Fitch said.

The ratings also consider that progress reducing high deficit and debt ratios will remain limited in 2011, the challenge of inflation in the face of rising food prices and political uncertainties, the agency said.

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