"The ratings on Egypt are underpinned by sound progress on structural reform and improved economic and fiscal management," said Standard & Poor's credit analyst Farouk Soussa. "Economic growth has picked up and external finances have remained robust, supported by the nontrade balance of the current account and strong capital inflows. Nevertheless, government finances remain a key challenge in the medium term."
"The EGP bond received the foreign currency rating on Egypt instead of the local currency rating consistent with Standard & Poor's practice on local currency denominated global bonds," said Soussa. "This is because the bonds will be issued externally under New York law and will be pari passu with the external debt of Egypt and subject to cross-default clauses."
The ratings on the upcoming EGP bond are unaffected by Standard & Poor's introduction of recovery ratings to Egyptian foreign currency obligations on June 12, 2007.
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