S&P’s raises credit rating for NBE, Banque Misr

Ratings agency Standard & Poor’s raised its long-term issuer credit rating for the National Bank of Egypt (NBE) and Banque Misr to B from B- and is currently revising their outlooks to stable from positive, according to a release. The agency stated that the banks’ upgrades came as a result of Egypt’s strengthening GDP growth, improved economic and political conditions, and reduced credit growth. S&P’s also maintained CIB’s long- and short-term issuer credit ratings at B and maintained its outlook as stable.