S&P Upgrades Egypt’s Rating to ‘B’; Fitch Affirms

S&P Global upgraded Egypt’s credit rating to ‘B’ on Friday, citing ongoing reforms that have led to a sharp rebound in GDP growth. Meanwhile, Fitch affirmed Egypt’s rating at ‘B’, highlighting the country’s relatively high growth potential and strong support from international partners. Fitch last upgraded Egypt’s rating to ‘B’ in November 2024, when rising foreign investment and tighter monetary conditions helped strengthen the country's finances. S&P’s recent upgrade is the first since Egypt began receiving financial support around March 2024. S&P also noted that Egypt’s strategic importance has been elevated by the ongoing conflict in Gaza, contributing to continued financial backing from Gulf Cooperation Council (GCC) members and other nations. As of now, Standard & Poor’s credit rating for Egypt stands at ‘B’ with a stable outlook, while Moody’s rating remains at ‘Caa1’ with a positive outlook.