Moody’s Investors Service affirms the Egyptian government’s ratings, Invest-Gate reports.

The ratings agency affirmed Egypt’s long-term issuer and senior unsecured bond ratings at B3, with a “stable” outlook.

Moody’s expected very weak government finances to continue constraining the rating pending further clarity on the sustainability and impact of the reform programme.

With the country’s external liquidity position improving over the past 12 months, the rise in international reserves was attributed to debt-creating inflows, thus also increasing the level of external debt and foreign-currency denominated debt.

Reform progress has been impressive. However, while political stability has improved to some degree, reform momentum may face headwinds, including from the presidential election set to take place by May 2018.