S&P moves Egypt outlook to negative

S&P said it revised its outlook on Egypt to negative from stable and affirmed its B long-term foreign- and local-currency sovereign credit ratings.

“The outlook revision reflects our view that Egypt's funding sources may not cover its high external financing requirements of about $17 billion in the fiscal year ending June 30, 2023, and $20 billion in fiscal 2024. Absent sufficient foreign currency funding, Egyptian transactions with the rest of the world would slow significantly, with negative implications for GDP growth, and this could translate into less incentives to service external debt,” S&P said in a press release.

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