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Fitch raises Egypt’s rating to B, S&P’s upgrades outlook to positive, Moody’s promotes rating to B3
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’
“A very high turnout might have enhanced the legitimacy of the return to military rule in domestic and international eyes,” the credit agency says
Total spending rose to 33.5% of GDP in FY 2013 (up from 30.3% of GDP in FY 2010), as wages and subsidies spending surged (75% of the total), an issue the report said would be difficult to tackle given its political sensitivity.