Fitch rates Orascom Projects bonds CCC+(egy)

Fitch Ratings said it assigned the Orascom Projects and Touristic Developments a national long-term rating of CCC+(egy) with stable outlook. At the same time, the agency has assigned Orascom Project's EGP100 million second local bond issue a national rating of CCC+(egy).

Fitch said Orascom Project's ratings reflect the company's poor financial performance over the past three years and the unfavorable market conditions, which led to a deterioration in credit protection measures.

The ratings also reflect the company's local position as the largest tourism-related construction and resort developer, according to Fitch.

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