S&P Global Ratings has revised its outlook on Egypt to stable from positive, while affirming the country’s long- and short-term sovereign credit ratings at ‘B-/B’ for both foreign and local currency debt.

A consortium made up of the Egyptian credit bureau I-Score and S&P Global Ratings is nearly ready to obtain a second credit rating license in Egypt.

S&P Global Ratings has affirmed its long- and short-term local and foreign currencies credit ratings on the country at “B-/B”, with a positive outlook.

S&P Global Ratings has revised its credit outlook on Egypt to positive from stable, while affirming its long- and short-term local and foreign currencies credit ratings on the country at “B-/B.

S&P Global Ratings expects Egyptian authorities to further devalue the Egyptian pound against the US dollar from EGP 31 to an aligned rate with the parallel market

S&P Global Ratings expects tourism sector in Egypt, Lebanon, and Jordan to lose $16.1 billion collectively amid the current Hamas-Israel war.

S&P Global Ratings has lowered its long-term ratings of three Egyptian banks, namely the National Bank of Egypt (NBE), Banque Misr, and Commercial International Bank (CIB), to B- from B, with a stable outlook.

S&P Global Ratings has downgraded Egypt’s long-term foreign and local currency sovereign credit ratings to “B-“ from “B”, with a stable outlook.

S&P Global Ratings is projecting a further devaluation of the Egyptian pound to be traded at 37 per US dollar by the end of 2023.

S&P Global Ratings has downgraded its outlooks on three Egyptian banks, namely the National Bank of Egypt (NBE), Banque Misr, and Commercial International Bank -Egypt (CIB), to negative from stable.

“We expect the government to continue fiscal consolidation and economic reforms over the next two to three years, absent a significant increase in social unrest. We assume President Sisi will win reelection in 2024 and lead the government in its pursuit of the key tenets of the IMF program,” the agency added.