Egypt’s Outlook Raised by Fitch After $57 Billion Global Bailout

Egypt’s credit rating outlook was raised to positive from stable by Fitch Ratings, after the North African nation secured an international bailout of $57 billion for its cash-strapped economy.

Fitch affirmed Egypt’s B- rating, leaving it six notches below investment grade. It also came weeks after authorities agreed to a landmark $35 billion investment deal with the United Arab Emirates and additional support from the International Monetary Fund and the World Bank.