Egypt Upgraded by Fitch as Fiscal Reforms Start to Pay Off
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Egypt’s credit rating was upgraded by Fitch Ratings for the first time since 2019, the latest boost for the economy emerging from two years of crisis after securing a $57 billion global bailout.
Fitch upgraded the North African country’s rating one level to B from B-, with a stable outlook, according to a statement on Friday. The agency attributed the change to lower external risk, policy adjustment, replenished external buffers, new capital inflows and a more flexible exchange rate.