Moody's: Positive view for Bank of Alexandria

Moody's Investors Service said it has changed the outlook for Bank of Alexandria's E+ financial strength rating to positive from stable.

The outlook for the bank's Ba2/not-prime foreign currency deposit ratings remains unchanged at stable.

Moody's said the upgrade recognizes progress made in the implementation of the bank's restructuring program in preparation for its privatization, expected to take place during 2006.

Moody's said the bank's E+ financial strength rating reflects its sizeable business and customer base. But, it also recognizes that the bank remains burdened by inherited operational problems, limitations in staff skills and weak financials evident from its low profitability and capital base, Moody's said.

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