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Standard & Poor's Global raises the Credit Rating of Banque Misr to B Due to the Egyptian Economic Climate Improvement

In its report issued on 25th of September 2018, S&P Global raised the credit rating of Banque Misr and the National Bank of Egypt to B instead of B- for their long-term obligations, while it kept their credit rating for short-term obligations as B. S&P maintained the Commercial International Bank's rating of B for long-term and short-term obligations.

The previous updates are due to the increase in gross domestic product (GDP) and the implementation of the Egyptian economic reform program, which is supported by the political will and a 3 years loan of $ 12bn from the International Monetary Fund.

S&P has made its decision due to the stability of Banque Misr, the National Bank of Egypt and Commercial International Bank, which reflects Egypt's sovereign rating, also because of the expectation that the financial performance of the three previously mentioned banks will be stable during the coming year.

Thus, the report is considered an evidence of the success of the Egyptian economic reform program and a new step to confirm that Banque Misr is on the right track. The report is also a testament on the success of Banque Misr's strategy and that the bank enjoys more interest internationally.