Sharp retail fuel prices increases in Egypt at midnight last Friday will help bolster the country’s creditworthiness, UK credit rating agency Fitch Ratings said today in a statement.
“…fuel price hikes are an important step toward reducing subsidies that contribute to Egypt’s substantial fiscal deficit, a key rating weakness,” the Fitch Ratings statement said.
For more on this story, see www.meed.com/sectors/economy/fitch-says-egypts-fuel-price-hike-good-for-credit-rating/3193663.article