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Moody’s could rate Egypt’s outlook ‘stable’ if GCC aid continues: BAML

March 4, 2014 2:15 am

Bank of America Merrill Lynch has said a presidential bid by Egypt’s Gen. Al-Sisi would be “market-friendly” in the near future; however, aid from the GCC and the International Monetary Fund (IMF) will still be needed for maintain macro stability during the second half of 2014, Daily News Egypt has reported. The financial institution also said that on the condition that GCC aid continues and the political transition is completed, international credit rating agency Moody’s is expected to bring Egypt’s outlook to stable, an improvement from the current negative outlook, and upgrade its Caa1 sovereign rating by one notch to reach B3.