Moody's upgrades Egypt's credit rating to B3 with positive outlook

Moody's has upgraded Egypt's sovereign credit rating from Caa1 to B3, retaining a positive outlook and citing fiscal consolidation and structural reforms.

• Moody's upgraded Egypt's sovereign credit rating in local and foreign currency from Caa1 to B3, keeping its outlook positive.
• Moody's attributed the upgrade to continued progress in fiscal consolidation, structural reforms, and a more flexible exchange rate with tighter monetary policy.
• Moody's cited the primary budget surplus rising to 4.9% of GDP in fiscal 2026 and government debt falling to 81.8% of GDP in June 2026 from 95.2% three years earlier.
• Fitch and Standard & Poor's retained Egypt's rating at B with a stable outlook a week before the upgrade.