Fitch Ratings upgraded Egypt's credit rating one rank to "B" with a "stable" outlook, according to a Fitch statement on Friday. The ratings group expects that the imports cover remains low over three months, adding that the support of Arab Gulf allies will provide support in cases of emergency. Fitch warns that the hard currency shortage, electricity crisis and financial austerity would hinder recovery. It added that economic indicators for 2014 are weak and Purchasing Managers Index (PMI) predicted deflation in four of the first five months of the year 2014.