Egypt Credit Outlook Lifted by S&P After Currency Devaluation
A customer pays for a purchase with Egyptian pound banknotes at a market in Cairo, Egypt.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Egypt’s credit outlook was lifted to positive by S&P Global Ratings after a long-awaited currency devaluation was poised to ease foreign currency shortages.
The credit assessor moved Egypt to positive from stable and affirmed the rating at B-, six notches into junk and on par with El Salvador and Ecuador, according to a Monday statement. This month, the country agreed to float the currency and hike interest rates, locking in a deal with the International Monetary Fund.