Egypt pleased with Fitch rating

Egypt voiced satisfaction on Saturday for being rated "B" by the Fitch Ratings saying the positive rating constituted a step forward for bolstering confidence in the state economic program.
Minister of Finance Hani Qadri said in a statement that it was the first time that Fitch would lift Egypt's rating, following a series of low ratings over the past years.
This positive rating would help in luring businesses, the minister said, also noting in this respect necessity of pressing ahead with structural and financial reforms for improving citizens' living standards.
The minister called for revising spending priorities, enhancing state revenues and overhauling the infrastructure. Fitch Ratings has upgraded Egypt's credit rating one rank to "B" with a "stable" outlook, saying the authorities seemed committed to major reforms.
"Fuel subsidy cuts and tax hikes have been implemented as part of a clear five-year fiscal consolidation strategy," Fitch said in upgrading Egypt from a "B-" rating. "Power shortages are being tackled, overdue payments to oil companies reduced, investment laws revised and disputes with foreign investors settled," it said.