Moody's raises outlook on Egypt's rating to positive

Moody’s Investors Service has changed the outlook on Egypt’s long-term issuer ratings to positive from stable and has affirmed the B3 issuer ratings, it said on Wednesday.

It also affirmed the senior unsecured ratings at B3, and senior unsecured MTN program rating at (P)B3.

The decision to change the outlook to positive reflects the continuing structural improvements in the fiscal and current account balances, resulting from the ongoing implementation of the home-grown IMF-backed reform program, the ratings agency said.

Moreover, early signs of business environment reforms offer the prospect of a sustainable, inclusive growth path capable of improving competitiveness and absorbing the country’s rapidly expanding labor force, it added.