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Fitch raises Egypt outlook citing Gulf aid

Fitch Ratings has raised Egypt’s credit classification to ‘Stable’ from ‘Negative,’ citing financial aid from the Gulf states and the country’s efforts to restore democratic rule, Bloomberg has reported. The credit ratings agency affirmed Egypt’s long-term foreign-currency grade at ‘B-,’ or six levels below investment grade, in line with the rating by Standard & Poor’s and Moody’s Investors Service. Gulf countries have pledged about $15bn in financial aid for the country after political turmoil that toppled two presidents and five prime ministers in the space of three years hammered the country’s economy.