Moody’s Ratings upgraded Egypt’s sovereign credit rating to B3 from Caa1, the agency announced on Oct. 16. The upgrade applies to the government’s long-term local- and foreign-currency issuer ratings.
Moody’s cited improved public finances, stronger revenue collection and economic reforms that it said have helped put government debt and interest burdens on a declining path.
The agency maintained a positive outlook on the rating, reflecting the potential for further improvement in the country’s debt burden and borrowing costs.