Fitch rates Egypt bonds B

Fitch Ratings said it assigned B ratings to Egypt's new senior unsecured bonds issued under its sovereign's global medium-term note program.

The bonds consist of a $1.75 billion 6 1/8% bond issue due Jan. 31, 2022, $1 billion 7½% bond issue due Jan. 31, 2027 and a $1.25 billion 8½% bonds due Jan. 31. 2047.

The ratings are in line with Egypt's existing senior unsecured ratings and long-term foreign-currency issuer default rating of B with a stable outlook.

The ratings on the bonds are sensitive to changes in Egypt's long-term foreign-currency issuer default rating, Fitch said.

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