Fitch Ratings

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 - 01:15 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 - 05:28 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.

Fitch revises CIB's outlook to stable; affirms IDR at 'B+'

Tue, 03 Aug 2021 - 02:48 GMT

Fitch saw that pressures on the domestic operating environment have eased since end-3Q20, moderating downside risks to Egyptian banks' credit profiles. This reflects improving foreign-currency (FC) liquidity, with the banking sector's net foreign assets (NFAs) reaching $3.5 billion at end-April 2021.

Fitch revises outlook on Turkey to negative

Sat, 22 Aug 2020 - 09:00 GMT

A depletion of foreign exchange reserves, weak monetary policy credibility, negative real interest rates, and a sizable current account deficit, have exacerbated external financing risks.

Egypt’s renewed engagement with IMF to boost investor confidence: Fitch

Sun, 17 May 2020 - 09:46 GMT

IMF financing will provide some support for Egypt's foreign reserves and portfolio flows may be stabilizing.

Fitch upgrades Egypt’s IDR to B+ with stable outlook

Thu, 21 Mar 2019 - 02:36 GMT

“Egypt has made further progress in implementing economic and fiscal reforms, which are driving improved macroeconomic stability, fiscal consolidation and stronger external finances.”

Fitch Revises Egypt's Outlook to Positive; affirms at 'B'

Tue, 16 Jan 2018 - 02:59 GMT

Fitch forecasted general government debt/GDP to fall to 93 percent in FY18 from a peak of 103 percent in FY17, marking an inflection point in the strong upward trend since the 2011 revolution.

Michigan likely hurt by potential NAFTA changes -Fitch

Thu, 31 Aug 2017 - 04:10 GMT

Michigan is likely to be the state most hurt by changes to the NAFTA trade agreement, according to a Fitch Ratings report, as Trump renewed threats to scrap the deal.

Fitch: Travel & tourism buoys leisure sector as consolidation continues

Mon, 07 Aug 2017 - 09:57 GMT

Travel and tourism continues to be a bright spot within the leisure sector, according to Fitch Ratings.

AIIB gets top rating by Fitch

Fri, 14 Jul 2017 - 05:00 GMT

The bank enjoys "an excellent level of liquidity" and should benefit from easy access to capital markets, Fitch said.

Subsidies reduction supports Egypt’s credit profile: Fitch

Wed, 12 Jul 2017 - 01:24 GMT

Fitch expected the budget deficit to stand at 9.3 percent of GDP, higher than the 9.1 percent projected by the government.

BREAKING: Egypt new fuel prices show fiscal commitment: Fitch

Wed, 12 Jul 2017 - 12:13 GMT

Egypt's new fiscal reforms represented a continued commitment to fiscal consolidation and economic reform, Fitch Ratings said in a Wednesday statement.