Latest in Tag: Fitch Highlight
Latest in Tag: Fitch
The rating agency expects Egypt’s economy to grow 4.5% in 2018
Egypt’s new budget and lower electricity and fuel subsidies demonstrate a continued commitment to fiscal consolidation and economic reform, backed by the country’s IMF loan programme, Fitch Ratings said in a recent note. “Narrowing the fiscal deficit supports Egypt’s sovereign credit profile, but significantly reducing the public debt ratio is a multi-year task,” the note …
A larger inflow from foreign investors is expected with their confidence restored in the Egyptian economy
“The rising levels of foreign exchange (FX) reserves, a return of private capital inflows, and appreciation of currency, marks the progress in Egypt’s gradual external rebalancing in early 2017. Further fiscal consolidation in addition to external rebalancing would lay the groundwork for a broader-based improvement in sovereign credit metrics in 2018,” said Fitch Ratings in …
Egypt’s current economic troubles and reform efforts have been the main topic of discussion in a slew of articles recently, many of which pin the blame on the country’s ruling regime, such as Bloomberg’s “Egypt’s Failing Economy is Sisi’s Fault”. The government, however, is not only battling against the challenges of the present, but also …
The international ratings agency has lowered Japan’s credit rating outlook amid worries over the country’s huge mountain of debt Tokyo will find increasingly difficult to reduce after delaying a planned sales tax hike.
Egypt could reach an IMF agreement if required by authorities, Fitch says
Mega projects were a catalyst for some private sector investments and helped lift business confidence in Egypt, says Fitch Senior Director
Introduction of VAT has been delayed, according to agency
Fitch raises Egypt’s rating to B, S&P’s upgrades outlook to positive, Moody’s promotes rating to B3
Decision will likely lead to matching Fitch’s assumptions on the deficit of reaching 11.1% of GDP by end of this FY instead of the 10.8% targeted by government
Budget deficit expected to decrease to 11.6% of GDP in FY15, in comparison to the 17.5% of GDP recorded in FY14, Fitch noted
Agency raised Egypt’s economic outlook from stable to positive, affirming long- and short-term foreign and local currency sovereign credit ratings at ‘B-/B’
In response to Daily News Egypt’s questions, Gamble said the Gulf state’s support to Egypt’s economy will be in the form of FDI, rather than direct payments.
Since the 25 January Revolution, Egypt’s economic outlook was downgraded several times by international credit rating agencies. The downgrades came about due to violence and political instability, which took a massive toll on investments and foreign reserves. In the wake of calls for protests on 30 June, Egypt’s economy saw a credit ratings cut on 21 …
Fitch In January, Fitch Rating Agency restored Egypt’s outlook to stable for the first time since it was downgraded to negative nearly three years ago. This reflects an improvement in an economy hammered by years of violence and political instability that had a massive toll on foreign reserves and many industries. The ratings firm, however, …
“A very high turnout might have enhanced the legitimacy of the return to military rule in domestic and international eyes,” the credit agency says
Reuters – Fitch Ratings says in a new report that the average sovereign ratings of energy exporters and importers in the Middle East and North Africa (MENA) have further diverged in 2014, following the upgrade of Saudi Arabia (to AA). Credit fundamentals across the energy exporters are expected to remain strong, driven by triple digit …
Reuters – Fitch Ratings says BG Energy Holdings Ltd, BP plc, Royal Dutch Shell plc and Total SA are among the rated oil and gas companies in EMEA that stand to gain from a potential shift in EU countries’ energy links with Russia over time, while OAO Gazprom and NJSC Naftogaz of Ukraine, are most …
Saudi Arabia’s measure advanced 1.1% to its highest level since July 2008, while trading volume jumped to its highest in almost two years.
Egypt’s Long-term ratings of ‘B-’ are low and reflect substantial risks and challenges.
The ratings agency keeps the country’s long-term foreign and local currency sovereign credit rating at B-
Fitch believes that impairment charges should fall, leading to a gradual improvement in profitability, although further recovery in asset quality will depend on continued economic growth.
Faisal Islamic Bank of Egypt announced net profits worth EGP 370.816m in the first half of 2013 compared to EGP 283.696m during the same period last year, marking a 31% increase.
Expert: Value of aid is “economically misleading” and unlikely to raise the foreign reserve level
Qatar, meanwhile, had granted Egypt $2.5bn in loan last January, and extended a further $3bn in May by agreeing to buy Egyptian bonds at 3.5% interest.
Many domestic businessmen, however, disagree; a number have already expressed optimism since the ousting of former president Mohamed Morsi on 3 July, citing a mostly-gaining stock exchange benchmark index, a slight increase in the value of the local currency, and an influx of foreign aid.
Bank makes top 50 ranking for fifth year in a row, also ranks as the most secure bank in the Middle East