Ratings agency Standard and Poor's has raised its long and short-term sovereign credit ratings on Egypt to B-/B from CCC+/C, describing the outlook for the country as "stable".
The move reflects S&P's view that Egyptian authorities have secured sufficient foreign currency funding to manage the country's short-term fiscal and external financing needs.
"We expect support from bilateral lenders to continue over the medium term as the Egyptian authorities try to address the country’s political and economic challenges,” S&P said in a statement on Friday.
Egypt has received $15.9 billion in aid from wealthy Arab Gulf countries; Saudi Arabia, the United Arab Emirates and Kuwait following the July military ouster of elected president Mohamed Morsi.
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