17.07.2013 11:56
YEREVAN, July 17./ARKA/. Standard & Poor's Ratings Services affirmed the Arab Republic of Egypt's rating, citing evidence of bilateral donors' willingness to provide funding to avert an external financing crisis, the Wall Street Journal reported today.
Kuwait, Saudi Arabia and the UAE have recently announced they will provide Egypt with $12 billion, amounting to 4.4% of the country's 2013 gross domestic product, in cash, interest-free loans, oil, and oil products to reduce the likelihood that Egypt will face a balance-of-payments crisis.
S&P, which affirmed the country's rating seven levels into junk territory at triple-C-plus, said the ad hoc funding reduces balance-of-payments pressures and allows officials time to address the political and economic challenges facing Egypt. The outlook is stable.
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