S&P revises Egypt to positive

Standard & Poor's said it revised its outlook on Egypt to positive from stable and affirmed its B-/B long- and short-term foreign and local currency sovereign credit ratings.

S&P said the action reflects its view of Egypt's gradual economic recovery, supported by improving, albeit still fragile, political stability, alongside policymakers' commitments since 2014 to embark on economic reforms. These include subsidy and income tax reforms, a new law on investment and the announced value-added tax system on goods and services.

In addition, the agency expects some Gulf States will continue to provide the Egyptian government with sufficient foreign currency funds to manage the country's short-term fiscal and external financing needs.

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