Moody’s Investors Service (Moody’s) has revised Egypt’s credit rating to negative from stable and has maintained the Caa1 long-term foreign and local currency issuer ratings.
This is due to Egypt’s ongoing challenges of high inflation and limited foreign currency reserves, which have made it challenging for the nation to meet its external debt obligations.
Additionally, Moody’s stated that there is a strong possibility for a program enhancement of up to USD 10 billion, an increase from the previously approved amount of USD 3 billion.
