Capital Intelligence Ratings (CI Ratings) upgraded on September 1 Egypt’s sovereign ratings, Invest-Gate reports.

The credit rating upgraded the country’s long-term foreign and local currency ratings to “B” from “B-”, and affirmed its short-term foreign and local currency ratings of “B”.

CI Ratings’ outlook for Egypt’s ratings is affirmed at “Stable”, according to a statement released by the rating agency.

The upgrade in ratings is mainly attributed to the improved macroeconomic management, in line with the implementation of the extended fund facility’s (EFF) conditions agreed with the International Monetary Fund (IMF) in November 2016.

Other reasons are the replenished foreign reserves and the alleviation of foreign currency shortages, and the smooth transition to a freely floating exchange rate regime, ending the parallel market.

Egypt’s ratings are expected to remain unchanged over the next 12 to 24 months, the agency adds.