Egypt Outlook Raised to Stable by Fitch on Gulf Aid
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Egypt’s credit classification was raised to stable from negative by Fitch Ratings, which cited financial aid from the Persian Gulf and the country’s efforts to restore democratic rule.
Fitch affirmed Egypt’s long-term foreign-currency grade at B-, or six levels below investment grade, in line with the rating by Standard & Poor’s and Moody’s Investors Service. The yields on the nation’s benchmark 5.75 percent Eurobonds due in April 2020 were little changed at 6.7 percent as of 4:51 p.m. in London.