Moody’s revises outlook for 5 Egyptian banks to positive

Moody’s Ratings has affirmed the long-term bank deposit ratings of five Egyptian banks, while it revised their outlook from negative to positive, according to a report by the global ratings giant.

The agency has maintained the ratings of the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and the Commercial International Bank (CIB) at Caa1 and Bank of Alexandria (ALEXBANK) at B3.

The decision came days after the agency raised Egypt’s credit outlook from negative to positive following the expanded $8 billion funding from the International Monetary Fund (IMF).

The credit rating agency also affirmed Egypt’s Caa1 long-term foreign and local currency ratings.

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