Moody's affirms Egypt at B2

Moody's Investors Service said it confirmed Egypt's B2 government bond ratings and maintained the rating outlook at negative.

Moody's said the key drivers of the confirmation of Egypt's B2 sovereign rating and negative outlook are: (a) Reduced political uncertainty; (b) stabilization of Egypt's external payments position; (c) progress toward stabilizing government financing and macroeconomic conditions; and (d) the formal request by the new Egyptian government for IMF support.

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