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Bond Market News
Egypt Upgraded to B by Fitch
November 4, 2024
Egypt has been upgraded by a notch, to B from B- by Fitch. The upgrade comes on the back of Egypt’s improved external finances due to several factors, including foreign investment from the Ras El-Hekma deal, increased non-resident inflows into the debt market, and new financing from international financial institutions. Enhanced policy measures, such as greater exchange rate flexibility and tighter monetary conditions, have strengthened Egypt’s foreign exchange buffers, boosting confidence in the stability of the flexible exchange rate policy. Its international reserves rose by $11.4bn to $44.5bn in the first nine months of 2024. The banking sector’s net foreign asset position has also recovered significantly. While the current account deficit widened to 5.4% of GDP in FY 2024, it is expected to narrow slightly in the following years, according to Fitch. Inflation has decreased from 35.7% in February to 26.4% in September, with forecasts suggesting further declines. S&P and Moody’s also have Egypt on a positive outlook and rate it at B- and Caa1 respectively.
Egypt’s dollar bonds traded stable with its 5.25 2025s at 99.54, yielding 5.76%.
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