Fitch affirms Egypt

Fitch Ratings said it affirmed the Arab Republic of Egypt's long-term foreign-currency issuer default rating at BB, long-term local-currency issuer default rating at BB+, country ceiling at BB and short-term foreign-currency issuer default rating at B.

The outlook is negative. The Rating Watch negative has been removed.

The negative outlook signifies that although negative rating pressure on Egypt has eased in the short term, political outcomes remain uncertain and could lead to negative rating action in the year ahead if political unrest returns, Fitch said.

Egypt's emerging economic picture and recent policy announcements paint a mixed picture. The GDP contraction in the first quarter of 2011 was deeper than expected and official reserves have dropped sharply, the agency said.

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