Fitch Downgrades Egypt Long-Term Foreign Currency Rating on Prospects for Slower Growth

By Sabela Ojea

Fitch Ratings on Friday downgraded Egypt’s long-term foreign-currency issuer default rating to B from B+ with a negative outlook.

The ratings agency expects the Egyptian economy to grow 4% in fiscal year 2023, down 6.6.% the prior year, before it recovers and grows by 4.5% in 2024. Fitch forecasts inflation of 24% in fiscal…