Egypt’s credit rating is unlikely to move upwards in the near future, according to ratings agency Moody’s.

“Political uncertainty and turmoil in Egypt since the eruption of the revolution in January 2011 remains a constraint on the country’s credit profile,” read the ratings agency’s newly released credit outlook report on the North African country.

Moody’s current sovereign rating for Egypt is Caa1 with a negative outlook.

The reports adds that fiscal and economic reforms could have a credit positive effect on the country, adding “economic outcomes will likely hinge on a reduction of political tensions”.

Egypt’s future remains uncertain following the military ousting of former president Mohamed Mursi on 3 July.

The violent clampdown on pro-Mursi members of the Muslim Brotherhood in mid-August further heightened political tensions in the country.

Egypt’s ailing economy continues to struggle with a large budget deficit and low foreign exchange.

Moody’s report does note that Egypt’s finances have been temporarily eased by the pledges of up to $12bn in financial support packages from Saudi Arabia, Kuwait and the UAE.

If the military-backed government implements its planned road map to return the country to democracy in early 2014, it would also have a positive effect on Egypt’s credit profile, the report adds.