FX.co ★ S&P Upgrades Egypt’s Rating to ‘B’; Fitch Affirms

S&P Global has upgraded Egypt's credit rating to 'B' as of Friday, attributing this improvement to ongoing reforms that have significantly boosted GDP growth. Concurrently, Fitch has maintained Egypt’s rating at 'B', pointing out the country's substantial growth potential and robust international support. This comes after Egypt's rating was elevated to 'B' by Fitch in November 2024, a decision influenced by the increase in foreign investment and stricter monetary policies that bolstered the nation’s financial stability. S&P's latest upgrade marks the first since Egypt began receiving financial aid in March 2024. Additionally, S&P highlighted Egypt's heightened strategic importance due to the ongoing conflict in Gaza, which has contributed to sustained financial assistance from Gulf Cooperation Council (GCC) members and other countries. Currently, Standard & Poor's credit rating for Egypt is 'B' with a stable outlook, while Moody's maintains a 'Caa1' rating but with a positive outlook.