S&P Raises Egypt Ratings to B- from CCC+

Standard & Poor’s Ratings has raised its sovereign credit ratings for Egypt to ‘B-/B’ from ‘CCC+/C’, saying it expected the support from other countries which has propped up government finances to continue. The Egyptian Government welcomed the move as a first step towards restoring confidence in an economy hammered by political turmoil that has weighed on investment and tourism for nearly three years.