Fitch: Making a decision on Egypt’s rating requires evidence of the continuity of reforms. Egypt, which is suffering from a prolonged economic crisis linked to a chronic shortage of foreign currency, surprised the markets in February with a $35 billion real estate and tourism development deal.
Shortly after the deal was completed, the country allowed the exchange rate to fall to more than 50 pounds to the dollar and raised interest rates by 600 basis points. The agency lowered Egypt's rating to (B-) in November, with a stable outlook.