Egypt Upgraded By Fitch as Fiscal Reforms Pay Off.

Fitch Ratings upgraded Egypt's credit rating from B- to B with a stable outlook, citing lower external risk, policy adjustments, and increased capital inflows. The upgrade comes after Egypt implemented fiscal reforms, including a significant interest rate hike and allowing its currency to weaken against the dollar. The country's efforts to attract foreign investment and cut subsidies on fuel and electricity have contributed to its economic recovery. S&P affirmed Egypt's long-term foreign currency debt rating at B- with a positive outlook, while Moody's Ratings assigns Egypt a Caa1 rating with a positive outlook. [Extracted from the article]