Fitch says Egypt’s ratings unlikely to change soon

February 13, 2014 11:04 am

Credit rating agency Fitch has said rapid upgrades for Egypt’s ratings are unlikely, despite the tentative political and economic improvements, Reuters has reported. In early January 2014, Fitch took Egypt’s Long-Term Foreign-Currency rating off ‘Negative Outlook’ for the first time since January 2011. Over this period Egypt’s ratings were downgraded by a cumulative five notches.