S&P ups Egypt view to stable

Standard & Poor's said it revised its outlook on the Arab Republic of Egypt to stable from negative.

At the same time, S&P affirmed its BB+ long-term and B short-term foreign currency and its BBB- long-term and A-3 short-term local currency ratings on Egypt.

S&P said the outlook revision reflects the improvements in external liquidity, underpinned by a reinvigorated program of structural reforms, and concomitant strengthening of Egypt's external balance sheet, which lower the external risks emanating from a widening budget deficit and burgeoning government debt burden.

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