Latest in Tag: Fitch Highlight
Latest in Tag: Fitch
IMF loan to stabilise Egypt’s economic situation: Fitch Solutions
They added in a report: Contrary to our expectations, authorities proceeded with an immediate rather than a gradual weakening of the currency. Indeed, on 27 October, the Central Bank of Egypt (CBE) held an unscheduled meeting of its Monetary Policy Committee (MPC) during which it hiked its overnight deposit and lending rates by 200 basis points (bps) to 13.25% and 14.25%, respectively, and announced the introduction of a flexible exchange rate.
Egypt’s commercial real estate stock maintains its position as a cost-effective investment: Fitch
It added that government efforts to increase foreign investment and boost private sector activity in the economy should prove positive for the commercial real estate market.
Fitch affirms Egypt’s B+ rating with stable outlook
Egyptian economy has outperformed vast majority of Fitch-rated sovereigns over 2020
Fitch affirms Saudi Arabia’s A rating, but revises outlook to negative
The downturn has been attributed to the novel coronavirus (COVID-19) pandemic and lower oil prices, despite the government’s strong commitment to fiscal consolidation.
Egypt’s real estate market witnesses robust demand: Fitch
Ongoing construction of 20 new cities across Egypt, in addition to development of 23 existing ones, present attractive investment opportunities
Egypt is best-placed in MENA apparel production: Fitch Solutions
Country’s mid-range manufacturing sector remains underdeveloped, with electrical/mechanical machinery, vehicles accounting for less than a tenth of exports
Fitch lowers US credit outlook to negative from stable
Fitch expected the US economy to contract by 5.6% in 2020 and recover by 4% in 2021, with the massive fiscal policy response averting a deeper downturn
Egypt’s car sector to see reverse trend down the road: Fitch
Construction growth eases slowdown in automotive sector, bus sales affected by tourism hiatus
Egypt’s economic growth to remain strong in medium-term: Fitch
Macroeconomic, political stability support Egypt’s positive growth 2017 to current health crisis
COVID-19 to halve global GDP growth to 1.3% in 2020: Fitch
Oil prices to reach $41 a barrel in 2020, $48 next year, says report
Fitch maintains Egypt’s long-term credit rating at ‘B+’ with stable outlook
Real GDP growth to remain robust at 5.5%, budget deficit to narrow at 7.6% of GDP in FY20
Fitch Affirms Credit Agricole Egypt at ‘AA+, stable outlook
The ratings of CAE reflect potential support from its ultimate shareholder, France’s Credit Agricole (CA), the press statement indicates.
CBE to resume its monetary easing cycle in 4Q2019: Fitch Solutions
Future interest rate cuts to ease government’s debt service burden, say economic experts
EGP likely to strengthen further over next 6 months: Fitch Solutions
Budget deficit will narrow to 6.9% of GDP in FY2019/20, government debt remains high
Fitch upgrades Egypt to B+ from B, maintains stable outlook
Agency forecasts average inflation of 12%, 10% in 2019, 2020 respectively, GDP growth at 5.5% in FY 19, FY 20
Egypt witnessed gradually stronger growth, disinflation, rebound in FX reserves: Fitch senior director Middle East, Africa Sovereigns
The senior director and head of Middle East and Africa Sovereigns at Fitch, Jan Friederich, spoke about viewing improvements in the country’s economy following an inflationary spike. Daily News Egypt sat down for an interview with Friederich, and Primary Analyst Jermaine Leonard at Fitch. The transcript for which is below, lightly edited for clarity: How …
Fitch affirms Egypt’s positive outlook, B rating
Public finances remain Achilles heel of Egypt’s credit profile, yet Fitch estimates debt/GDP to drop to 88% in FY 2019
Foreign investors confident about outlook of Egypt economy: Fitch senior director
The rating agency expects Egypt’s economy to grow 4.5% in 2018
Egypt is committed to fiscal consolidation and economic reform plan: Fitch
Egypt’s new budget and lower electricity and fuel subsidies demonstrate a continued commitment to fiscal consolidation and economic reform, backed by the country’s IMF loan programme, Fitch Ratings said in a recent note. “Narrowing the fiscal deficit supports Egypt’s sovereign credit profile, but significantly reducing the public debt ratio is a multi-year task,” the note …
Improved FC liquidity expected after removal of transfer limit: Fitch
A larger inflow from foreign investors is expected with their confidence restored in the Egyptian economy
Egypt rebalancing continues, yet challenging year lies ahead: Fitch
“The rising levels of foreign exchange (FX) reserves, a return of private capital inflows, and appreciation of currency, marks the progress in Egypt’s gradual external rebalancing in early 2017. Further fiscal consolidation in addition to external rebalancing would lay the groundwork for a broader-based improvement in sovereign credit metrics in 2018,” said Fitch Ratings in …
A survey of western opinion on Egypt’s plans for reform
Egypt’s current economic troubles and reform efforts have been the main topic of discussion in a slew of articles recently, many of which pin the blame on the country’s ruling regime, such as Bloomberg’s “Egypt’s Failing Economy is Sisi’s Fault”. The government, however, is not only battling against the challenges of the present, but also …
Fitch cuts Japan outlook after delayed tax hike
The international ratings agency has lowered Japan’s credit rating outlook amid worries over the country’s huge mountain of debt Tokyo will find increasingly difficult to reduce after delaying a planned sales tax hike.
Fitch forecasts dollar to reach EGP 9 before year-end
Egypt could reach an IMF agreement if required by authorities, Fitch says
Budget deficit will be above government expectations: Fitch Ratings
Mega projects were a catalyst for some private sector investments and helped lift business confidence in Egypt, says Fitch Senior Director
Fitch affirms Egypt’s ‘B’ rating, Dimian responds that economy is ‘resilient’
Introduction of VAT has been delayed, according to agency
International ratings agencies elevate Egypt’s rating in 1 year
Fitch raises Egypt’s rating to B, S&P’s upgrades outlook to positive, Moody’s promotes rating to B3
Freezing capital gains tax law will slow budget deficit reduction: Former minister
Decision will likely lead to matching Fitch’s assumptions on the deficit of reaching 11.1% of GDP by end of this FY instead of the 10.8% targeted by government
Fitch confirms Egypt’s “B” rating, outlook is stable
Budget deficit expected to decrease to 11.6% of GDP in FY15, in comparison to the 17.5% of GDP recorded in FY14, Fitch noted
Standard & Poor’s positive outlook on Egypt reflects well on investment: Economist
Agency raised Egypt’s economic outlook from stable to positive, affirming long- and short-term foreign and local currency sovereign credit ratings at ‘B-/B’