S&P upgrades Egypt to B

S&P said it raised the long-term foreign and local currency sovereign credit ratings on Egypt to B from B-.

The outlook is stable.

The agency affirmed the short-term foreign and local currency sovereign credit ratings at B.

At the same time, S&P revised its transfer and convertibility (T&C) assessment to B from B-.

S&P said the stable outlook balances Egypt's falling current account deficit (CAD), decreasing inflation levels, and stronger growth prospects against risks from still-high fiscal deficits and a high stock of relatively short-dated government debt issued at high interest rates.

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