Fitch ups Egyptian Commercial Bank national ratings to A+(egy)

Fitch Ratings said it upgraded Egyptian Commercial Bank's national ratings to long-term A+(egy) from BB(egy) and short-term F1(egy) from B(egy). The support rating is upgraded to 3 from 5, and ratings were removed from Rating Watch positive.

The outlook is stable.

The rating action reflects the enhanced level of support derived from Greece-based Piraeus Bank (long-term BBB+/short-term F2/individual C/support 3), Egyptian Commercial's new strategic shareholder, Fitch said.

In July, Piraeus acquired 79.7% of the bank's shares, and a capital injection brought its total stake up to 88% in August.

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