S&P affirms Egypt’s ‘B/B’ ratings as policy response cushions regional shocks

RIYADH: S&P Global Ratings affirmed Egypt’s long- and short-term sovereign credit ratings at “B/B” with a stable outlook, citing policy measures that helped contain the economic fallout from regional conflict and a recovery in foreign-exchange buffers. Foreign portfolio outflows reached $9.5 billion in the months after the conflict escalated on Feb. 28, while the Egyptian pound depreciated by as much...