The Clap
Credit rating agency Standard & Poor’s has maintained Egypt’s credit rating at BB with a stable market outlook.
What this means
Credit ratings give a sense of a country or entity’s ability to pay off its debt.
Deets
S&P attributed its decision to the anticipated IMF loan as well as the boosts coming from Gulf countries, which together should help Egypt pay off its obligations.
Why this matters
The agency expects the IMF loan to be around $2-3 million, while another $2-3 billion could come from issuing bonds. This along with support from Gulf states should help Egypt pay its upcoming obligations.
