Moody's raised Egypt's sovereign credit rating to B3, citing easing inflation, growing business confidence, and fiscal consolidation and structural reforms that reduced government debt and interest burdens. The B3 rating remains six notches below investment grade, but it lifts Egypt out of the 'substantial risk' category, and Moody's gave the country a positive outlook. The shift to a flexible exchange rate and tighter monetary policy has strengthened external buffers and the economy's ability to absorb shocks. Inflation stayed elevated at 13.9 per cent in September as higher oil and gas prices linked to the war in Iran pushed up costs, forcing Egypt to adopt fuel-saving measures. In July, Egypt unlocked about $1.8 billion after clearing an IMF review, and Fitch and S&P Global affirmed their ratings on Egypt the previous week.
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