Talaat Moustafa Group Holding (TMG) announced that its largest wholly owned subsidiary, the Arab Company for Projects and Urban Development, has received an upgrade in its local credit rating from A+ to AA-, with its outlook revised from positive to stable, as per a disclosure.

Moody’s Corporation intends to acquire a majority equity stake in Middle East Rating & Investors Service (MERIS), its Egypt-based affiliate credit rating agency.

Moody’s Ratings has affirmed Egypt’s Caa1 long-term foreign and local currency issuer ratings while maintaining a positive outlook, citing progress in external and fiscal rebalancing.

Egypt is moving forward with plans to grant its second credit rating license to the alliance between Beltone and Italian group Crif Ratings.

A consortium made up of the Egyptian credit bureau I-Score and S&P Global Ratings is nearly ready to obtain a second credit rating license in Egypt.

Arab Finance: Global ratings giant Moody's has downgraded Egypt's outlook from stable to negative, citing growing concerns about the country's credit profile, as per a recent statement.

The Ministry of Finance stated that Moody’s Investors Service did not take into account the government's current efforts when changing Egypt's outlook to negative.

Fitch Ratings has downgraded Egypt’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-’ from ‘B’, with a stable outlook.

S&P Global Ratings has lowered its long-term ratings of three Egyptian banks, namely the National Bank of Egypt (NBE), Banque Misr, and Commercial International Bank (CIB), to B- from B, with a stable outlook.

S&P Global Ratings has downgraded Egypt’s long-term foreign and local currency sovereign credit ratings to “B-“ from “B”, with a stable outlook.

Recently, Moody’s downgraded Egypt’s credit rating. This was not the first agency to do so, as Fitch Ratings announced in May the downgrading of Egypt’s credit rating. Moreover, Standard and Poor’s Global (S&P Global) revised Egypt’s outlook from stable to negative. In this Factsheet, we will discover with you the backscene details of these announcements and the factors behind the downgrade. Yet, first, we will start our Factsheet by explaining what a credit rating means.

Moody’s Investors Services has lowered Egypt’s long-term foreign- and local-currency issuer ratings to Caa1 from B3, with a stable outlook.

Morgan Stanley has downgraded Egypt’s sovereign credit rating to “dislike stance” from a “neutral”, citing various risks, including the coming presidential election, the threat of a downgrade by Moody’s, and challenges with a $3 billion International Monetary Fund (IMF) program.