Egypt media regulator says BBC site 'likely blocked' due to 'inaccurate coverage' of limited protests    Thomas Cook's collapse strands about 50,000 in Greece, hotels fret    At UN, Trump to face questions about Ukraine, Iran, allies    Ethiopia to commission Chinese-built 254 MW hydro dam    European markets slip after world's most well-known tour operators collapse    UK's Johnson believes Iran was behind Saudi oil attacks    Trump Asia expert to become deputy national security adviser    Israel's Arab party support pushes Gantz ahead of Netanyahu    Volume of trade exchange between Egypt, China hits $7.69 billion in seven months    Egypt's Sisi discusses investments prospects with CEOs of major US companies    The party will decide our Brexit position, says UK Labour's Corbyn    Gold prices steady amid Gulf tension, trade talk uncertainties    Egypt climbs nine spots in Tourism Competitiveness Index rankings    UN agency: Tanzania not sharing details on Ebola-like cases    Valverde worried by Barca's limp away form after Granada defeat    Baby gut study finds bacteria different after C-section births    Live score: Arsenal v Aston Villa (English Premier League)    Zidane unfazed by Mourinho talk as Real prepare for Sevilla test    Zamalek president Mortada Mansour talks Egypt's Super Cup, unveils reasons behind defeat    Grand Egyptian Museum's construction works 93% complete    Egypt's Health Ministry bans all ranitidine medicines    El Gouna Film Festival celebrates 100th birth anniversary of novelist Ihsan Abdel-Quddous    FIPRESCI and Netpack hosted by El Gouna Film festival for the first time    Small protests in Egypt dispersed by police    Ahly wins Egyptian Super Cup after beating Zamalek    Rare protests in Egyptian streets after online call for dissent    Egypt's tuk-tuk start-up Halan to tap Ethiopia before year-end    Egypt's health ministry bans all ranitidine medication    Cairo Opera hosts closing ceremony of the Cairo International Festival for Contemporary and Experimental Theatre    Allianz Egypt allots $399K to promote UNICEF's vulnerable children initiative    Felix Brych to referee Ahly-Zamalek Super Cup game in Egypt's Alexandria    'Egypt will not allow any country to impose its will on another in Ethiopian dam issue,' FM says    Egypt, Ethiopia at odds as talks over Blue Nile dam resume    Egypt's FM hopes for deal as new round of GERD talks kicks off    Egypt's PM discusses details of Al-Hussein Mosque renovation    Egypt's Baron Empain Palace to be reopen after renovation    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Moody's upgrades Deposit Ratings of Five Egyptian Banks
Published in Amwal Al Ghad on 11 - 04 - 2015

International credit ratings agency Moody's upgraded Friday the local currency (LC) deposit ratings of five Egyptian banks following an upgrade to the country's sovereign credit ratings to B3.
The National Bank of Egypt, the largest bank in the country; Egypt-based Commercial International Bank, the country's largest private bank; Banque Misr SAE and Banque Du Caire SAE were upgraded to B3 from Caa1 with a stable outlook.
Bank of Alexandria SAE was also upgraded to B2 from B3.
The upgrade reflects what the agency says is improved government ability to support these banks, as well as enhancements in the banks' liquidity buffers.
"Egypt's improving macroeconomic performance and the easing of external vulnerabilities will support increased lending opportunities," Moody's asserted in a press release.
Egypt's government has been undertaking fiscal and regulatory reforms to improve the macroeconomic standing and business environment since President Abdel Fattah al-Sisi took office last year.
The banks' foreign--currency (FC) deposit ratings were upgraded to Caa1 from Caa2 to reflect the increase in the FC deposit ceiling for Egypt to Caa1, according to the release.
Earlier this week, Moody's upgraded Egypt's sovereign credit rating to B3 from Caa1 with a stable outlook following similar decisions by Standard and Poor's and Fitch at the end of 2014.
Following Moody's upgrade of Egypt's sovereign credit rating, the President of Middle East Credit Rating (MERIS) Amr Hassanein told Amwal Al Ghad that Moody's is likely to raise its credit rating on five major banks in Egypt following its upgrade on the country's credit rating.
Source: Ahram Online

Clic here to read the story from its source.