11:21 PM Friday, November 3, 2023
Fitch Credit Rating Agency
Books – Mustafa Eid:
Fitch Ratings lowered the rating of Egypt’s long-term foreign currency sovereign debt issues to “B-” instead of “B” with a stable outlook.
This comes according to what Fitch published on its website today, Friday, after Moody’s and Standard & Poor’s also lowered Egypt’s rating during the past weeks.
Fitch’s downgrade of Egypt’s credit rating for long-term debt issues in foreign currencies is the second this year, after it lowered it last May to “B” from “B+” while keeping its future outlook negative.
A lower credit rating means higher costs and greater difficulty in accessing international markets when issuing sovereign bonds.
Fitch’s decision today comes about two weeks after the Standard & Poor’s credit rating agency downgraded Egypt’s long-term sovereign debt in local currency and foreign currencies from B to B- with a stable outlook.
It also comes about 4 weeks after Moody’s decided to downgrade Egypt’s sovereign debt to Caa1 instead of B3.
2023-11-03 21:21:00
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