May 11, 2018 / 8:26 PM / 11 days ago

BRIEF-S&P Raises Egypt’s Sovereign Credit Rating To B From B-

May 11 (Reuters) - S&P-

* S&P RAISES EGYPT’S SOVEREIGN CREDIT RATING TO B FROM B-; LOWERS OUTLOOK TO STABLE FROM POSITIVE

* S&P SAYS EGYPT UPGRADED TO ‘B’ ON IMPROVING MACROECONOMIC FUNDAMENTALS; OUTLOOK STABLE

* S&P SAYS EGYPT’S MORE COMPETITIVE EXCHANGE RATE, RISING DOMESTIC GAS PRODUCTION, INCREASING EXPORTS HELPING TO IMPROVE EGYPT’S CURRENT ACCOUNT DEFICIT

* S&P SAYS EGYPT’S INFLATION IS DECELERATING, WHICH POINTS TO INCREASING EFFECTIVENESS OF MONETARY FRAMEWORK

* S&P SAYS ANTICIPATE THAT EGYPT’S ONGOING ECONOMIC AND FISCAL REFORMS WILL UNDERPIN RISING BUSINESS CONFIDENCE AND SUSTAIN CAPITAL INFLOWS

* S&P SAYS BELIEVES RE-ELECTION OF PRESIDENT SISI IN MARCH BODES WELL FOR POLITICAL STABILITY, CONTINUITY OF ECONOMIC AND FISCAL REFORMS IN EGYPT Source text: (bit.ly/2KifavV)

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