May 12, 2017 / 4:04 PM / 2 months ago

BRIEF-S&P says Egypt 'B-/B' sovereign ratings affirmed; outlook stable

2 Min Read

May 12 (Reuters) - S&P:

* S&P says Egypt 'B-/B' sovereign ratings affirmed; outlook stable

* S&P says stable outlook balances risks arising from Egypt's large external and fiscal deficits, against financing support from the IMF program

* S&P says ratings on Egypt remain constrained by wide fiscal deficits, high public debt, low income levels, and institutional and social fragility

* S&P says it anticipates ongoing fiscal consolidation in Egypt over 2017-2020, supported by the three-year IMF program

* S&P says projects Egypt's fiscal deficits to decline from double digits currently--averaging 12% of GDP during 2012-2016 -- to average 8.6% in 2017-2020

* S&P says project Egypt's real GDP to continue to grow at a moderate rate of just under 4% on average over 2017-2020

* S&P on Egypt says despite large fiscal deficit, do not expect government to face problems raising debt domestically

* S&P says anticipate foreign borrowing will become increasing important for financing Egypt's fiscal deficit Source text (bit.ly/2r8vkhU)

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