Ratings
The Rating Agency noted that the positive outlook reflects the potential for further improvements in Egypt's external and fiscal positions.
Fitch Ratings upgraded its outlook for the National Bank of Egypt, Banque Misr, Banque du Caire, and the Commercial International Bank (CIB) to positive while maintaining their respective ratings at “B-”
These changes in the global agency's view of the Egyptian economy come after Cairo secured a $35 billion investment from the United Arab Emirates (UAE), adding to a string of international commitments and financing exceeding $50 billion.
State-owned banks National Bank of Egypt, Banque Misr, and Banque du Caire, as well as Commercial International Bank (CIB) had their Caa1 long-term deposit ratings affirmed, with the Bank of Alexandria maintaining its B3 long-term deposit rating
The decision comes one week after the investor service’s downgrade of Egypt’s sovereign outlook to negative, citing increased risks caused by challenging macroeconomic and exchange rate rebalancing
Egypt's ratings are supported by its recent record of fiscal and economic reforms, which the authorities are continuing, as well as its large economy, which has demonstrated stability and resilience through the global health crisis, the rating agency clarified.
The Agency noted in a report that the Suez Canal represented almost 2 percent of Egypt’s GDP on average pre-pandemic, providing a significant contribution to total current account receipts.
CI Ratings also affirmed in a report the Short-Term Foreign Currency Rating (ST FCR) of of NBE at 'B'.
S&P Global Ratings on Monday affirmed Saudi Arabia's credit ratings.
Egypt’s Supreme Media Regulatory Council announced Friday that it will form an experts committee to set the main standards for the Television viewership measurement
Four ratings have been set for Ramadan series.
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