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Fitch Ratings Assigns Egypt ‘B’ rating for the new US$1.5bn 2025 Bond
Cairo, Egypt (Capital Markets in Africa):- Fitch Ratings has assigned Egypt’s US$1.5bn global bond maturing 11 June 2025 a ‘B’ rating. The bonds have a coupon rate of 5.875%. The proceeds will be used for the general budgetary purposes of the government.
According to Fitch, the rating is in line with Egypt’s Long-term foreign currency Issuer Default Rating (IDR) of ‘B’ with a Stable Outlook and would be sensitive to changes in Egypt’s Long-term foreign currency IDR.
On 19 December 2014 Fitch upgraded Egypt’s Long-term foreign currency IDR to ‘B’ from ‘B-‘.