Finance Minister Hani Qadri Demian said Tuesday Moody's decision to raise Egypt's outlook from negative to stable was a positive step towards improving the country's status on the international investments' map.
However, Demian said in a statement that the new rating was not enough to express the positive developments Egypt was going through at the political and economic levels and the structural reforms adopted by the government recently.
"The raising of the ratings is taking place so slowly and does not match the pace through which the reduction has been made since 2011," he added.
"Moody's has reduced Egypt's ratings six successive times since 2011," he said.
Moody raised Egypt’s credit rating outlook to stable from negative on Monday, citing a more stable political and security situation and signs of economic recovery.