CAIRO - 9 May 2021: In a move that enhances confidence in the Egyptian economy, Standard & Poor's credit rating agency has kept the sovereign rating of the Egyptian economy at the level of B / B in the long-term and short-term, while maintaining a stable outlook. This stabilization was supported by Egypt's record in economic and financial reforms and macroeconomic stability, which led to the accumulation of foreign exchange reserves and high growth rates in the two years preceding the Corona pandemic, as well as Egypt's positive growth rates despite the global pandemic. El-Said added that fixing Egypt's sovereign rating confirms the merit of the Egyptian economy and its ability to emerge from the global crisis and restore high growth rates. The sovereign credit rating carried out by international credit rating agencies, the most important of which is the Standard and Poor's Corporation, is an assessment of the ability of governments to service their debts within the time frame of the maturity dates specified for these debts, taking into account the nature of the conditions agreed upon between the government and its lenders when contracting the loan. Through the use of a set of macro indicators, this evaluation is converted in the form of a specific classification for the state.
