Of the 26 countries in the region, all are on Stable Outlook except for the three Negative Outlooks on Egypt (BB), Tunisia (BBB-) and Lesotho (BB-). The reason for MEA's relative resilience is partly the limited expected impact on commodity prices, especially oil, which Fitch sees averaging $100/bl in 2012 compared to $110 in 2011. The oil market remains tight and rising political risk centred on Syria and Iran is another factor keeping prices high, notwithstanding likely slower demand growth.
� 2011 CPI Financial. All rights reserved. Source: http://www.albawaba.com/middle-east-africa-not-immune-global-slowdown-406321
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