Fitch raises credit rating for CIB, NBC

Fitch Ratings has upgraded long-term issuer default ratings for CIB and the National Bank of Egypt to ‘B+’ from ‘B’ with a ‘stable’ outlook, the agency said in a press release. The agency has also upgraded its rating for NBE’s UK branch. This came in response to Egypt’s recent long-term foreign-currency issuer default rating upgrade to ‘B+’ last month, as 40% of NBE and CIB’s balance sheets are made of government treasuries.