Prime Minister Ibrahim Mahlab on Wednesday received a report from the Finance Ministry on Fitch credit rating to Egypt which upgraded Egypt's credit rating one rank to “B” with a “stable” outlook, cabinet spokesman said.

Cabinet Spokesman Hossam Qawish said the rating group in its statement pointed out that the upgrade reflects confidence of the international foundations in the performance of Egypt's economy which coincided with the implementation of economic reforms in the fiscal year 2014/2015.

He said the group's report reviewed the positive indicators of the Egypt economy. Fitch said growth is accelerating, and year-on-year growth reached 6.8% in the third quarter of 2014, the highest since 2008, up from 3.7 % in the second quarter of 2014.

Fitch expects that the annual GDP growth should hit 4.7 % in 2016, up from 2.1% in 2013. It will, however, remain much lower than the level needed to absorb new entrants into the labor sector each year.

Fitch warned that the growth is vulnerable to setbacks if reform stalls.

Minister of Finance Hany Kadry Dimian said in a statement on Saturday that it was the first time that Fitch would lift Egypt’s rating, following a series of low ratings over the past few years.

This positive rating would help in luring business to the country, the minister said, also noting the necessity of pressing ahead with structural and financial reforms for improving citizens’ living standards.