S&P affirms Egypt

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

At the same time, the B foreign currency and A-3 local currency short-term ratings were also affirmed.

The outlook is stable.

The agency said that the ratings on Egypt are underpinned by sound progress on structural reform and improved economic and fiscal management.

Economic growth has picked up and external finances have remained robust, supported by the nontrade balance of the current account and strong capital inflows, S&P added.

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