Egypt Outlook Raised to Stable by Fitch on Gulf Aid - Bloomberg

Egypt Outlook Raised to Stable by Fitch on Gulf Aid - Bloomberg:

Egypt’s credit classification was raised to stable from negative by Fitch Ratings, which cited financial aid from the Persian Gulf and the country’s efforts to restore democratic rule.

Fitch affirmed Egypt’s long-term foreign-currency grade at B-, or six levels below investment grade, in line with the rating by Standard & Poor’s and Moody’s Investors Service. The yields on the nation’s benchmark 5.75 percent Eurobonds due in April 2020 were little changed at 6.7 percent as of 4:51 p.m. in London.

Gulf nations have pledged about $15 billion in financial aid for the country after political turmoil that toppled two presidents and five prime ministers in the space of three years hammered Egypt’s economy. Egypt’s military-backed interim government has been cracking down on the Muslim Brotherhood after the ouster of Islamist President Mohamed Mursi in July, calling the movement a terrorist group last month."

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