S&P Global Ratings on Friday raised Egypt’s sovereign credit rating to B from B-, backed the improvements in business fundamentals, while the economic outlook was revised to stable from positive.

According to the report published by S&P, the revised credit rating reflects the competitive exchange rate, increase in natural gas production, and the witnessed increase in exports that led to improvements in Egypt’s current account deficit.

Moreover, the credit rating agency says that inflation is on a declining path, due to the effective monetary policy adopted.

Consequently, S&P believe that the ongoing economic and fiscal reforms will support rising business confidence and sustain capital inflows.

The report concludes that the re-election of president Abdel Fattah Al-Sisi in March will increase political stability, and in-turn will insure the continuity of the economic reform programme.