S&P Global Ratings maintains Egypt credit rating at B with stable outlook

Standard and Poor’s (S&P) has maintained Egypt's foreign and local currency credit ratings at B level with a “stable outlook" for the second time in three months.

In a press statement on Friday, Finance Minister Mohamed Maait hailed S&P’s decision, saying it reflects the international institutions' confidence in the Egyptian economy and its resilience.

The decision shows trust that the Egyptian economy has the ability to deal positively with local and international extraordinary economic conditions last year that were affected by the repercussions of the war in Europe and the coronavirus pandemic, Maait said.