Capital Intelligence Ratings upgraded from 'B' to 'B+' the long-term foreign currency ratings (FCRs) of National Bank of Egypt (NBE), Commercial International Bank (CIB), QNB Al Ahli Bank, Arab African International Bank, Banque du Caire, Arab International Bank, Bank of Alexandria and the Export Development Bank of Egypt. It revised the outlook on all the banks' ratings from 'positive' to 'stable'. It attributed its rating actions to its similar action on Egypt's sovereign ratings, as Egyptian banks' FCRs are strongly correlated with the sovereign's creditworthiness. Further, it affirmed the banks' Financial Strength Ratings, with a 'stable' outlook. In parallel, Fitch Ratings affirmed at 'B' the long-term issuer default ratings of NBE and CIB and revised the outlook on the ratings from 'stable' to 'positive', in line with the outlook revision on the sovereign ratings. It added that the 'positive' outlook reflects the improving operating environment for Egyptian banks. It also maintained at 'AA+' the national long-term rating of Crédit Agricole Egypt with a 'stable' outlook, reflecting the support from its French parent. Further, S&P Global Ratings upgraded from 'B-' to 'B' the long-term issuer credit ratings of NBE and Banque Misr, and revised the outlook from 'positive' to 'stable'. It also affirmed at 'B' the long-term issuer credit rating of CIB with a 'stable' outlook. It attributed the rating actions to the ongoing recovery in economic activity amid sustained reforms, rising foreign currency reserves, as well as to lower credit risks and a moderate level of problem loans in the banking sector. 
Source: CI Ratings, Fitch Ratings, S&P Global Ratings