Cairo – Mubasher: Capital Intelligence Ratings (CI) has affirmed the long-term foreign and local currencies ratings of Egypt at “B+” with a “stable” outlook.
The Cyprus-based credit rating agency has also affirmed the short-term foreign and local currencies ratings of the North African nation at “B”, according to a recent report.
The rating was based on the drop in the country’s current account deficit as well as the increase in revenues and foreign reserves, the report added.
In September, CI raised the long-term foreign and local currencies ratings of Egypt to “B+” from “B”.
