{"id":322791,"date":"2021-07-30T08:32:55","date_gmt":"2021-07-30T08:32:55","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=322791"},"modified":"2021-08-01T11:12:24","modified_gmt":"2021-08-01T11:12:24","slug":"moodys-has-affirmed-egypts-credit-rating-at-b2-with-a-stable-outlook","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2021\/07\/30\/moodys-has-affirmed-egypts-credit-rating-at-b2-with-a-stable-outlook\/","title":{"rendered":"Moody\u2019s affirms Egypt\u2019s credit rating at B2 with a stable outlook"},"content":{"rendered":"

Moody\u2019s<\/a><\/strong> has affirmed Egypt\u2019s credit rating at B2 with a stable outlook<\/strong> that balances the country\u2019s \u201csignificant shock exposure\u201d with our track record of successfully weathering volatility, the ratings agency said in its latest review of Egypt\u2019s credit rating on Thursday.<\/p>\n

The country\u2019s \u201cvolatile financing conditions,\u201d due to \u201cvery weak\u201d debt affordability and rising gross borrowing requirements, are balanced out by \u201cimproving shock resilience\u201d backed by the state\u2019s economic and fiscal reforms, the ratings agency said.<\/p>\n

Also working in our favor are Egypt’s broad funding base, growth of FX reserves and narrowing budget deficit, which provide a shield against future capital outflows, boost export competitiveness and increase state revenues.<\/p>\n

Moody\u2019s expects the Egyptian economy to grow at a 5.5% clip during the current fiscal year,<\/strong> slightly higher than the 5.4% targeted by the government and the IMF\u2019s forecast (pdf) for 5.2% growth.<\/p>\n

And debt-to-GDP is expected to fall further:<\/strong> The country’s public debt is expected to fall to 84% of GDP in FY2023-2024. Public debt already dropped to 90.6% of GDP in FY2020-2021 and the government expects this trend to continue during the current fiscal year, with debt falling to 89.5% of GDP<\/a> by the end of June 2022.<\/p>\n

The recovery of FX reserves means that Egypt now has a better buffer<\/strong> against large capital outflows, but it remains exposed to liquidity and external financing shocks. Egypt has one of the weakest debt positions in the world when measured by interest \/ revenue and interest \/ GDP, while its susceptibility to funding shocks is made worse by its high gross borrowing needs, which now amount to some 35% of GDP. Egypt\u2019s large banking sector mitigates funding risks though, thanks to the Finance Ministry\u2019s shift to longer tenor debt<\/a>, which has lengthened from 1.3 years<\/a> before June 2017 to 3.45 years as of June 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

Moody\u2019s has affirmed Egypt\u2019s credit rating at B2 with a stable outlook that balances the country\u2019s \u201csignificant shock exposure\u201d with our track record of successfully weathering volatility, the ratings agency said in its latest review of Egypt\u2019s credit rating on Thursday.<\/p>\n","protected":false},"author":4,"featured_media":321613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[95],"class_list":["post-322791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-moodys"],"yoast_head":"\nMoody\u2019s affirms Egypt\u2019s credit rating at B2 with a stable outlook - egy-africa<\/title>\n<meta name=\"description\" content=\"Moody\u2019s has affirmed Egypt\u2019s credit rating at B2 with a stable outlook that balances the country\u2019s \u201csignificant shock exposure\u201d with our track record of successfully weathering volatility, the ratings agency said in its latest review of Egypt\u2019s credit rating on Thursday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2021\/07\/30\/moodys-has-affirmed-egypts-credit-rating-at-b2-with-a-stable-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Moody\u2019s affirms Egypt\u2019s credit rating at B2 with a stable outlook - 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