S&P lifts view on three Egypt banks to positive

Standard & Poor’s said it revised the outlooks on National Bank of Egypt, Banque Misr and Commercial International Bank SAE to positive from stable.

The agency also said it affirmed the B- long-term and C short-term counterparty credit ratings on all three banks.

The outlook revisions follow a similar action on the Arab Republic of Egypt, S&P said.

According to the agency’s methodology for rating financial institutions, S&P said it now sees potential upside to the assessment of the banks’ moderate risk positions.

One of the factors assessed in the outlook revision was the banks’ marked exposure to the Egyptian government through their portfolio of government bonds, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.