Fitch upgrades Egypt

Fitch Ratings said it upgraded Egypt's long-term foreign-currency issuer default rating to B+ from B.

The outlook is stable.

The upgrades reflect the fact that Egypt has made further progress in implementing economic and fiscal reforms, which are driving improved macroeconomic stability, fiscal consolidation and stronger external finances, the agency said.

The reforms will continue to generate better economic outcomes beyond the International Monetary Fund agreement, Fitch said.

General government debt-to-GDP is on a downward path, underpinned by structural improvements to the budget and the emergence of primary budget surpluses, the agency said.

Fitch said it believes there is political commitment for further fiscal consolidation, and there have been significant structural improvements in the budget that are likely to persist.

Macroeconomic stability also has improved with stronger growth and disinflation, the agency said.

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