Fitch rates Egypt bond B

Fitch Ratings said it assigned a B rating to Egypt’s $1.5 billion global bond due June 11, 2025.

The bonds have a coupon rate of 5 7/8%.

The proceeds will be used for the general budgetary purposes of the government, Fitch said.

The rating is in line with Egypt’s long-term foreign-currency issuer default rating of B with a stable outlook.

The rating is sensitive to changes in Egypt’s long-term foreign-currency issuer default rating, the agency said.

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