S&P raises credit rating of Egyptian banks

WASHINGTON, Sept 27 (SEE) - Standard & Poor's (S&P) raised on Wednesday the credit rating of Banque Misr and Al Ahly bank for long-term obligations from B- to B.

S&P also maintained the credit rating of the short-term liabilities at B.

The agency has assigned the rating of B to the Commercial International Bank (CIB) for long and short-term liabilities.

The agency expects stability in the financial performance of the three banks over the next year.

In light of the increase in gross domestic product (GDP), the implementation of the economic reform agenda, and the $ 12 billion loan from the International Monetary Fund (IMF), the rating of the overall economy stands at B/Stable.