S&P affirms Egypt’s rating on robust reserves and access to debt

  • Date: 08-May-2021
  • Source: The National
  • Sector:Economy
  • Country:Egypt
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S&P affirms Egypt’s rating on robust reserves and access to debt

S&P Global affirmed Egypt's 'B/B' sovereign credit rating as it expects the country's foreign exchange reserve buffers and its access to debt market to cover its temporarily higher external financing needs.

Egypt, one of the few economies to escape a pandemic-induced economic contraction in 2020, will see growth begin to rebound in 2022, S&P said in a report on May 7.

The credit ratings agency affirmed Egypt's stable outlook on expectations that temporary pressures on external and government debt metrics will gradually decline from 2022, supported by growth in its gross domestic product and current account receipts, it said.