RIYADH: Global credit rating agency Moody’s has affirmed Egypt’s Caa1 long-term foreign and local currency rating with a positive outlook, citing improved debt service prospects. A report from the organization said the move was driven by the country’s stronger foreign exchange reserves and lower borrowing costs following the currency’s devaluation and flotation. Moody’s awards a Caa1 rating to countries with poor quality and very high credit risks, but the positive outlook reflects the measures taken by the government to control inflation and interest rates.