S&P changes view on three Egyptian banks

S&P said it revised the outlooks on National Bank of Egypt, Banque Misr and Commercial International Bank (Egypt) SAE to positive from stable.

At the same time, the agency affirmed the B-/B long- and short-term issuer credit ratings on the three banks.

S&P said the revisions follow the revision on Egypt on Nov. 10.

“The positive outlook on Egypt reflects the improvement in the country's GDP growth and external position from the implementation of several structural reforms since 2016, supported by $12 billion in funding from the three-year International Monetary Fund's Extended Fund Facility program,” the agency said in a news release.

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