Fitch gives Egypt 'B' rating for new US dollar bond

Ahram Online , Thursday 11 Jun 2015

Bulldozers and trucks are seen in a demonstration of the equipment which will be used as part of plans for a major upgrade of the Suez Canal, in Cairo August 5, 2014 (Photo: Reuters)

Credit rating agency Fitch Ratings has assigned a 'B'  rating to a $1.5 billion ten-year US dollar bond issued by Egypt this month.

This is the first time Egypt issues an international bond in five years, as the cash-strapped government of Egypt's president Abdel Fattah El-Sisi seeks to revive sources of financing following years of poltical turmoil that have stiffled the country's economy. 

The yield was 6 percent, tighter than initial pricing guidance of 6.25 percent, according to the ministry of finance.

"The rating is in line with Egypt's long-term foreign currency Issuer Default Rating (IDR) of 'B' with a Stable Outlook," said Fitch. 



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