Credit agency Moody’s has upgraded Egypt’s credit outlook from ‘stable’ to ‘positive’ due to “continuing structural improvements in the fiscal and current account balances” as part of the country’s $12bn IMF sponsored reform program.

It kept the country’s long-term rating at B3, six notches below investment grade, providing a balance between “Egypt’s credit strengths…and robust and rising growth potential that provide a high degree of resilience to economic shocks, against persistently weak fiscal indicators,” Moody’s said on 28 August. (CONTINUED - 125 WORDS)