Moody’s ups Egypt's sovereign ratings outlook to stable

RATINGS UPGRADE: Moody's upgrades Egypt's sovereign ratings outlook to stable. (Getty Images)

Ratings agency, Moody’s confirmed on Wednesday it has raised Egypt’s sovereign ratings outlook to stable from negative, due to slower inflation and government efforts to contain fiscal pressures.

The decision was also prompted by “the relative resilience displayed by Egypt’s economy and banking system in the face of recent global economic turmoil,” Tristan Cooper, Moody’s head analyst for Middle East sovereign ratings, said in an e-mailed statement to Bloomberg.

Egypt’s inflation, excluding volatile food prices, eased to an average of 3.1 percent in the first six months of 2009 from 11.5 percent in the same period a year earlier, the Cairo-based central bank said on July 30.

Concerns about the impact of accelerating inflation had led Moody’s to place the country’s sovereign ratings on negative outlook last year.

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