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Moody’s upgrades Egypt’s credit rating

by ChemOrbis Editorial Team - content@chemorbis.com
  • 08/04/2015 (17:10)
International rating agency Moody’s Investors Service upgraded Egypt’s credit rating to B3 from Caa1 on Tuesday, according to media reports. Moody’s cited Egypt’s improving macroeconomic performance and lower external vulnerabilities, ongoing fiscal and economic reforms as well as continuing support from Gulf countries as the main reasons behind their decision.

According to Moody’s, Egypt’s budget deficit will decline to 10% of the country’s gross domestic product (GDP) this year while public debt will also decrease to less than 90% of GDP.

Moody’s also expect the country’s economy to grow 4.5% for the current fiscal year and increase its growth rate to around 5-6% in the next four years.
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