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  • 29-05-22

    Moody’s keeps B2 rating for Egypt but changes outlook

    (MENAFN) The international rating agency Moody's kept Egypt's score at B2 but altered the viewpoint to negative from stable.

    On Thursday, Moody stated in an announcement that "The negative outlook reflects the rising downside risks to the sovereign's external shock absorption capacity in light of a significant narrowing in the foreign exchange reserve buffer to meet upcoming external debt service payments."

    However, the agency also stated that the B2 rating remains reinforced by the nation’s financial and fiscal improvement operations during the last six years.

    Moody's mentioned that Egypt’s Central Bank has increased its monetary policy rate by a growing 300 basis points during the last two months in reply to growing inflation, which increased 13.1 percent last month yearly.

    The announcement stated "Combined with the negative impact of inflation on living standards, food accounts for more than 30 percent of the consumption basket, [and] this points to potentially increasing social risks in Moody's assessment."

    MENAFN29052022000045014228ID1104286225

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