Fitch: Egypt up to stable

Fitch Ratings said it revised the outlook on the Arab Republic of Egypt's long-term local currency rating of BBB to stable from negative.

The other ratings are affirmed at long-term foreign currency BB+ with a stable outlook and short-term B. The country ceiling is affirmed at BB+.

Fitch said Egypt's ratings have been under pressure for several years based on a steady deterioration of sovereign credit fundamentals and weak, indecisive economic policy responses.

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