Fitch ups Egypt to stable

Fitch Ratings said it has revised the outlook on Egypt's long-term foreign and local currency issuer default ratings to stable from negative and affirmed the issuer default ratings at B-.

The issue ratings on Egypt's senior unsecured foreign and local currency bonds have also been affirmed at B-, the agency said.

The country ceiling has been affirmed at B- and the short-term foreign currency issuer default rating at B, and the revision of the outlook reflects that significant financial assistance from Kuwait, Saudi Arabia and UAE has eased the pressure on reserves, the exchange rate and the budget.

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