Fitch Ratings-London-11 June 2015: Fitch Ratings has assigned Egypt’s USD1.5bn global bond maturing 11 June 2025 a ‘B’ rating. The bonds have a coupon rate of 5.875%.
The proceeds will be used for the general budgetary purposes of the government.
KEY RATING DRIVERS
The rating is in line with Egypt’s Long-term foreign currency Issuer Default Rating (IDR) of ‘B’ with a Stable Outlook.
The rating would be sensitive to changes in Egypt’s Long-term foreign currency IDR. On 19 December 2014 Fitch upgraded Egypt’s Long-term foreign currency IDR to ‘B’ from.