Based on these factors, the APRM views that it would be prudent for the Government of Egypt’s current long-term foreign currency sovereign credit ratings by Moody’s and S&P Global to be upgraded to, at least, a BB- rating class to reflect the country’s current creditworthiness. A rating upgrade will translate into a significant decline in the cost of servicing government debt and further stimulate the economic fundamentals in Egypt. In view of the above, the APRM, together with the government of the Arab Republic of Egypt, will engage the Moody’s and S&P on the newly affirmed credit rating with aim of attaining a rating upgrade in the upcoming review.
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