Moody's: Outlook stable for Egyptian banks

Moody's Investors Service said the outlook for the Egyptian banking sector is stable, reflecting the system's relative isolation from and resilience to the global crisis and the considerable progress of the banking sector reforms.

However, the agency said downside risks remain, as the potential intensification of the economic slowdown and its impact on the banking sector is a major risk to the stable outlook.

Moody's outlook for the Egyptian banking system expresses the agency's view on the likely future direction of fundamental credit conditions in the industry over the next 12 to 18 months. It does not represent a projection of rating upgrades versus downgrades, the agency noted.

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