On November 2, 2024, Fitch Ratings upgraded Egypt's credit rating for the first time since 2019, moving it from B- to B with a stable outlook. This decision follows a $57 billion global bailout that has helped the North African nation recover from a two-year economic crisis. Fitch cited several factors for the upgrade, including reduced external risks, policy adjustments, replenished external buffers, new capital inflows, and a more flexible exchange rate.
In a separate announcement on the same day, S&P Global Ratings upgraded Turkey's long-term sovereign rating from B to BB-. This marks the second upgrade for Turkey this year, attributed to increased reserve accumulation and a trend towards disinflation. Despite this positive change, Turkey's rating still remains three levels below investment grade.