Fitch downgrades Egypt on growing government debt

Fitch downgrades Egypt on growing government debt

Fitch Ratings has lowered Egypt’s long-term foreign-currency issuer default rating (IDR) to B- from B on increased financial risks and rising government debt. “The downgrade reflects increased risks to Egypt’s external financing, macroeconomic stability and the trajectory of already-high government debt,” the rating agency said in a report. The slow progress on reforms, including the […]