Fitch Ratings

Growing U.S trade war leads to Fitch Ratings to lower global growth forecast

Wed, 19 Mar 2025 - 01:06 GMT

Fitch Ratings has revised its global economic outlook for 2025, attributing the downgrade to the intensifying U.S. trade war.

Banking sector to maintain strong profitability despite expected rate cuts: Fitch Ratings

Thu, 20 Feb 2025 - 03:06 GMT

Fitch anticipates that the CBE will begin its new monetary easing cycle on 20 February 2025, with expectations for a 100–200 basis point rate cut.

Global institutions forecast Egypt's economy to grow 3.5%-4.5% in 2025: IDSC

Thu, 02 Jan 2025 - 10:59 GMT

Fitch Solutions also points to improvements in private consumption, which is expected to grow by 4.8% in 2025 as inflation continues to ease and incomes rise

Fitch upgrades ratings for 4 Egyptian banks

Tue, 19 Nov 2024 - 10:24 GMT

The sector’s net foreign assets deficit has narrowed significantly, dropping to $130 million by September 2024, down from $17.6 billion in January.

Fitch Ratings upgrades Egypt’s foreign-currency issuer default rating to 'B'

Fri, 01 Nov 2024 - 10:05 GMT

The agency said that the upgrade is underpinned by recent inflows from foreign investments, notably the Ras El-Hekma deal, which boosted Egypt's FX reserves.

Fitch sees steady economic growth for current FY, maintains growth prediction of 4.2%

Wed, 04 Sep 2024 - 11:20 GMT

Moubarak highlighted that remittance flows from Egyptians working abroad surged to $7.5 billion in Q4 FY2023/2024

Fitch Ratings revises outlook for 4 local banks to positive

Sun, 19 May 2024 - 11:31 GMT

Fitch Ratings upgraded its outlook for the National Bank of Egypt, Banque Misr, Banque du Caire, and the Commercial International Bank (CIB) to positive while maintaining their respective ratings at “B-”

Egypt's foreign reserves surge to $41.1B, reaching a four-year high

Wed, 08 May 2024 - 12:53 GMT

The Central Bank of Egypt released figures confirming an increase of $696 million in net international reserves during April, underscoring the country's growing economic strength

Fitch Ratings upgrades Egypt's outlook to positive amid economic reforms

Fri, 03 May 2024 - 11:13 GMT

The move comes as a nod to Egypt's strengthened economic resilience and reduced external vulnerabilities.

Egypt's Tourism, Suez Canal receipts face risks amid regional tensions: Fitch Ratings

Sun, 28 Apr 2024 - 10:53 GMT

Fitch noted that the direct exchange of strikes between Iran and Israel has raised the risks of an escalation of regional conflict beyond Gaza.

Fitch Ratings lowers credit rating of 3 state banks and 1 private bank to B-

Tue, 14 Nov 2023 - 03:40 GMT

Fitch lowered its long-term issuer default rating for state-owned National Bank of Egypt, Banque Misr and Banque Du Caire, as well as Commercial International Bank (CIB)

Fitch downgrades Egypt's rating to "B-" with stable outlook

Fri, 03 Nov 2023 - 09:44 GMT

This rating is attributed to increased risks to external financing, macroeconomic stability, and high government debt.

4 Egyptian banks see ratings downgraded by Fitch Ratings

Thu, 18 May 2023 - 12:15 GMT

The banking sector saw a record net foreign liability position of $14 billion at the end of March 2023, with Fitch writing that “banks' ability to build up foreign assets was hampered by tight FC liquidity and the sovereign's high gross external financing requirements”

Fitch’s downgrade comes amid complex global challenges, external pressures on Egypt’s economy: Minister

Sat, 06 May 2023 - 04:28 GMT

Egypt’s Minister of Finance Mohamed Maait said Fitch’s decision to downgrade Egypt to B from B+ comes amid the complex global challenges of the Ukraine war, global inflation wave, and rise in interests.

Egypt 2nd largest steel producer in MENA region: Fitch Ratings

Tue, 04 Apr 2023 - 03:10 GMT

This came in a report published by the Cabinet's Information and Decision Support Center (IDSC) on Tuesday.

Fitch Ratings expect increase in non-hydroelectric renewable energy sources in Egypt

Wed, 16 Nov 2022 - 08:09 GMT

This came during the follow-up of the Information and Decision Support Center of the cabinet (IDSC) on various international reports that deal with Egyptian affairs or fall within the scope of its interest.

Fitch Ratings: Egypt has great balance between local, foreign contractors

Sun, 13 Nov 2022 - 03:18 GMT

The Fitch agency found out that foreign energy and equipment companies have a greater chance to invest in Egypt in the renewable energy plans.

Finance min.: Egypt only country in Middle East, Africa to retain global assessment institutions’ ratings

Fri, 22 Apr 2022 - 01:34 GMT

Egypt’s Minister of Finance Mohamed Maait said Egypt has been the only country in the Middle East and Africa to retain the confidence of the three international assessment institutions of Fitch Ratings, S&P Global Ratings, and Moody’s.

Fitch expects continued growth of energy sector in Egypt during next decade: IDSC

Sun, 07 Nov 2021 - 12:07 GMT

IDSC stated, in a statement, Sunday that Egypt is likely to depend mainly on thermal energy in the current period until 2030, and the energy generated from natural gas will constitute the majority of thermal energy generated during the current time.

Fitch Affirms NBE's rating at 'B+'; with stable outlook

Tue, 03 Aug 2021 - 03:04 GMT

Fitch has also affirmed National Bank of Egypt (UK) Ltd's (NBEUK) Long-Term IDR at 'B+' with Stable Outlook and Support Rating at '4'. NBEUK is a wholly owned subsidiary of NBE. A full list of rating actions is below.

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