LONDON: Egypt's request for a $4.8 billion loan from the International Monetary Fund is positive for the country's economy but will not have a short-term impact on its rating, a senior analyst at ratings agency Fitch said on Thursday.
"It's positive that talks have renewed," Richard Fox, head of Middle East and Africa sovereign ratings at Fitch, told Reuters in a telephone interview.
"There is no immediate impact on the rating, we are awaiting developments."
Egypt requested the larger-than-expected loan from the IMF this week. The country hopes for a deal by the end of the year, officials said during a visit to Cairo by IMF chief Christine Lagarde.
Fitch cut Egypt's rating to B-plus with negative outlook in June, citing political risk.
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