Moody’s changes Egypt view to positive

Moody's Investors Service said it changed the outlook on Egypt's long-term issuer ratings to positive from stable and affirmed the B3 issuer ratings.

At the same time, the agency affirmed Egypt's senior unsecured ratings at B3, and its senior unsecured medium-term note program rating at provisional B3.

Moody's said its decision to change the outlook to positive reflects the continuing structural improvements in the fiscal and current account balances, resulting from the ongoing implementation of the home-grown IMF-backed reform program.

Moreover, early signs of business environment reforms offer the prospect of a sustainable, inclusive growth path capable of improving competitiveness and absorbing the country's rapidly expanding labor force, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.