Egypt’s credit rating reflects resilient, diversified economy: Moody’s

Egypt’s credit rating reflects resilient, diversified economy: Moody’s

CAIRO - 2 September 2020: Egypt's (B2 stable) credit profile reflects its sizable and diversified economy, large domestic funding base, and projected foreign exchange reserves that are enough to cover maturing external liabilities over the next three years, Moody's Investors Service said Wednesdayin a report.

 

It added that relatively low levels of foreign currency-denominated and external government debt also support Egypt's credit profile. 

 

Moreover, it said that declining inflation and credible monetary policies have also allowed the central bank to cut interest rates, which has contributed towards the gradual decline of governmental domestic borrowing costs.

 

"This credit outlook reflects the resilience of Egypt's credit profile against financing shocks despite high exposure, a positive for its