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Fitch upgrades Egypt’s credit rating

by ChemOrbis Editorial Team -
  • 25/12/2014 (09:17)
According to a statement made by Fitch Ratings last Friday, the group upgraded Egypt’s credit rating by one rank to “B” with a “stable” outlook.

According to Fitch, Egypt’s economic growth is accelerating on a year-on-year basis as growth figures reached 6.8% in the third quarter of 2014. This level is the highest level recorded since 2008 and it is up from the growth rate of 3.7% reported in the second quarter of 2014. At the end of 2014, Egypt’s debt stood at 90.5% of GDP and It is expected to retreat to 85.8% of GDP by the end of the 2015-2016 fiscal year.

However, the group still warns that currency shortages, an electricity crisis and ongoing financial difficulties will hamper Egypt’s recovery.
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