Egypt Credit Outlook Cut to Negative by S&P on Finance Pressure
- Economic recovery will continue to suffer with FX shortages
- Low oil prices to make Gulf Arab support less forthcoming
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Egypt’s credit outlook was cut to negative from stable at S&P Global Ratings, which expected continued foreign exchange shortages as aid from Gulf Arab allies deteriorate because of the slump in their oil-related revenue.
The most populous Arab country’s B- rating was maintained by S&P, putting it on par with Argentina, Greece and Pakistan. That’s five levels lower than before Arab Spring protests ended President Hosni Mubarak’s three decades in power in 2011.