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Tuesday, 22 October 2019

Standard and Poor revises Egypt outlook to negative

AFP , Friday 13 May 2016
Standard and Poor's (Reuters)
Views: 5187
Views: 5187

The Standard and Poor's ratings agency said Friday it has downgraded the outlook on Egypt's long-term sovereign credit to negative from stable because of "external and fiscal difficulties".

"The negative outlook reflects our view that Egypt's external and fiscal vulnerabilities might increase further over the next 12 months. We consider that this could dampen the country's economic recovery and exacerbate sociopolitical tensions," it said in a statement.

The global ratings agency, at the same time, kept Egypt's long- and short-term foreign and local currency sovereign credit rating unchanged at B-/B.

The agency forecast that Egypt's current account deficits will widen to an average of 4.8 percent of GDP in 2016-2019, along with weak exports and tourism revenues, while "consolidation is proceeding more slowly than we had anticipated".

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13-05-2016 08:52pm
What took them so long!
There are circumstances when a country’s economic conditions are ambiguous or complex, which warrant hesitation in reading or rating their economy. In the case of Egypt though, a 10-year old with basic math skills could figure it out. It’s that simple: Economic outlook = no export + dead tourism + dismal local production + gigantic import + massive unemployment + crumbling currency + mounting inflation + zero investments + crippling debts = negative outlook. Coupled with incompetent government = holy sxxx!
Comment's Title
15-05-2016 09:19pm
False news ??
"Tahya Masr" I have a feeling you're being sarcastic with your comment, on the off chance you were serious just point out ONE part of my equation is false news and if so I will refrain from making any critical comments of the Egyptian government for the entire month or Ramadan!
Tahya Masr
14-05-2016 09:08pm
Spreading false news
Spreading false news is a crime punishable by jail in Egypt. Egyptians who tarnish the sterling reputation of the savior government are not immune. Tahya Masr.

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