Moody's Raises Egypt Credit Rating
Moody's agency has upgraded Egypt's Sovereign Rating from "Caa1" to "Caa3" with a positive outlook, due to the continued economic and financial reforms that have led to an improved fiscal situation, including expenditure control, increased tax collection, and strengthened foreign reserves. The agency expects these reforms to further reduce the ratio of public debt faster than initial estimates, even though debt levels remain high. It also confirmed that Egypt's efforts to achieve economic stability, alongside ongoing reforms, are contributing to an improvement in its credit rating. Additionally, the International Monetary Fund forecasts that Egypt's economy will grow by 5.1% in 2026 and 4.7% in 2027, supported by continued financial performance improvements and macroeconomic stability.
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