Rating’s agency Moody’s has upgraded Egypt’s long term credit rating from B3 to B2, just under a month since competitor Fitch also upgraded the country’s long term credit rating (MEES, 29 March).

On the rating’s agency scale, the Moody’s upgrade remains five notches below investment grade and one below Fitch’s rating. Moody’s says the upgrade is mainly down to the “expectation that ongoing fiscal and economic reforms will support a...