Fitch affirms Egypt

Fitch Ratings said it affirmed Egypt's long-term foreign-currency issuer default rating at BB+ and long-term local-currency issuer default rating at BBB-.

The outlook is stable.

The short-term foreign-currency issuer default rating was affirmed at B. The country ceiling was affirmed at BB+.

"Egypt's economy has proved resilient to the global financial crisis due to economic reforms introduced since 2004 and the resulting increased investment and diversification of the economy," Richard Fox, head of Middle East and Africa sovereign ratings at Fitch, said in a statement.

"Strong external indicators are another key support for Egypt's rating. On the downside, fiscal consolidation has come to a halt, and while a temporary halt is within the rating's tolerance, the country's deficit and debt ratios remain well ahead of peers, giving no scope for let up in the reform process."

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