Moody’s upgrades Egypt’s credit outlook to positive following successful IMF deal

Global rating agency Moody’s Ratings has upgraded Egypt’s credit outlook from negative to positive following the country’s successful acquisition of fresh foreign funds from the International Monetary Fund (IMF) and bilateral lenders.

The agency has confirmed Egypt’s long-term foreign and local currency issuer ratings at Caa1, shortly after finalizing a deal with the IMF to increase the initial loan package from $3 billion to $8 billion. This agreement aims to address the severe foreign currency shortages faced by Egypt.

Caa1 rating

Moody’s has also affirmed Egypt’s foreign-currency senior unsecured ratings at Caa1, as well as its foreign-currency senior unsecured MTN program rating at (P)Caa1, according to a statement released by the agency.