VOL XL

No. 03

20-January-1997

EGYPT

Standard And Poor Gives Egypt Investment GradeRating

TheUS ratings agency Standard and Poor(S&P) has given Egypt an investment grade sovereign rating of BBB- for its long-termand an A-3 on its short-term foreign currency credits with a stable outlook. S&P saidin a statement that the rating reflects "a robust commitment (on the part of theEgyptian government) to fiscal restraint, underscored by general government deficits of1.3% of GDP annually in fiscals...