S&P changes three Egyptian banks to stable

S&P said it revised its outlooks on National Bank of Egypt, Banque Misr and Commercial International Bank (Egypt) SAE to stable from negative and affirmed the B-/C long- and short-term counterparty credit ratings.

S&P said the outlook revision on the banks follows a similar rating action on Egypt on Nov. 11.

The outlook revision on Egypt's ratings balances the country's external and fiscal vulnerabilities against the government's planned reforms under the International Monetary Fund's (IMF) extended fund facility.

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