Fitch changes Egyptian banks to positive

Fitch Ratings said it revised the outlooks on National Bank of Egypt SAE’s (NBE) and Commercial International Bank's (CIB) long-term issuer default ratings to positive from stable and affirmed their ratings.

The agency also affirmed CIB's, NBE's and Credit Agricole Egypt's national long-term ratings with stable outlooks.

In addition, Fitch also revised the outlook on National Bank of Egypt (UK) Ltd.'s long-term issuer default rating to positive from stable and affirmed the rating at B.

Fitch said the outlook revisions follow the Jan. 16 revision of the outlook on the Egyptian sovereign to positive.

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