Monday 27 August 2012

Ratings agency gives Egyptian banks a lift - The National

Egypt's banks have narrowly avoided a ratings downgrade from Standard & Poor's as the country's government requests a US$4.8 billion (Dh17.62bn) loan from the IMF.

At the weekend the credit ratings agency lifted three Egyptian banks - Commercial International Bank, National Bank of Egypt and Banque Misr - from negative watch after taking the same action on the credit rating of Egypt's government.

"Negative watch" is defined by ratings agencies as an even chance of a downgrade within the next three months.

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