[Ynet] Moody's Investor Service has upgraded Egypt's credit rating, saying macroeconomic performance has improved and external vulnerabilities have been reduced.
In a statement, it ranked Egypt at B3 on its scale - speculative and subject to high credit risk - with a stable outlook, an improvement from its previous classification of Caa1.
| It would be nice if Saudi Arabia, et al could reduce their direct support of the Egyptian economy, and transfer that funding to pay for the Egyptian armed forces' expenses for that little Yemen adventure. |
Moody's says it expects economic growth to accelerate to an annual 4.5 percent for the fiscal year that ends in June, before rising to 5 to 6 percent over the coming four years, assuming political stability continues. |