S&P Global Ratings has upgraded Egypt’s long-term sovereign credit rating to ‘B’ from 'B-', while Fitch Ratings affirmed its ‘B’ rating; both with a ‘stable’ outlook.

Egypt has moved up one notch in the Sustainable Banking and Finance Network (SBFN)'s sustainable finance rating of countries to the advancing-implementation category from developing-implementation, according to the Global Progress Brief 2024 report published by SBFN.

FTSE Russell has decided to keep Egypt on the watchlist amidst concerns over a potential downgrade from its emerging-market status to unclassified status.

Moody’s Investors Services has affirmed the long-term bank deposit ratings of five Egyptian banks, while it downgraded their outlook from stable to negative.

The rating agency Capital Intelligence Ratings (CI) has downgraded Egypt’s long-term foreign currency rating (LT FCR) and long-term local currency rating (LT LCR) to B from B+.