This rating action is the second of the year, coinciding with the downgrade of Egypt's sovereign credit rating last Thursday.
The ministry’s official statement added that Moody’s based its recent decision on the structural reforms taken recently by the Egyptian government to stimulate investment and empower the private sector
Furthermore, Moody's downgraded Egypt's foreign-currency senior unsecured ratings to B3, and its foreign-currency senior unsecured MTN program rating to (P)B3.
This shows trust that the Egyptian economy has the ability to deal positively with difficult foreign repercussions, topped by the war in Europe and its economic fallout at the international level.
Maait noted that this affirmation is an additional testimony of confidence in the strength and diversity of the Egyptian economy.
“The rating reflects the success of the bank’s continuous development plans and business strategy despite the challenges that the whole world is witnessing as a result of the Corona crisis,” Fayed said.
The minister stated the move reflects an international confidence in the stability and solidity of the Egyptian economy.
Ma’it clarified Thursday that the economic reform program provided a measure of resilience to the Egyptian economy that enables it to interact with internal and external challenges and shocks.
It added that relatively low levels of foreign currency-denominated and external government debt also support Egypt's credit profile.
Fitch clarified Monday that Egypt's ratings are supported by a recent track record of economic and fiscal reforms, and improvements to macroeconomic stability and external finances.
Aramco will start meeting international bond investors this week for its debut in the international capital markets, opening its books to investor scrutiny for the first time.
Fitch attributed the ratings to progress achieved in executing the economic and fiscal reform program, greater macroeconomic stability and improving external finances.
Regarding the deposit growth, the report expected it to continue its progress in spite of decreasing interest rates on organic growth.
S&P Global Ratings lowered South Africa's credit rating further into "junk" territory on Friday.
A wrap-up for the most prominent business news of the day.
MubasherTrade Research assigned Arabian Cement Co (ACC) a Buy/Low Risk rating, setting its price target (PT) at LE 11.13 ($0.62) per share.
The bank enjoys "an excellent level of liquidity" and should benefit from easy access to capital markets, Fitch said.
Renaissance Capital upgraded Thursday its rating on the Commercial International Bank (CIB), Egypt’s largest private bank.
Credit ratings agency Moody's said it had downgraded South Africa a notch over gloomy growth prospects and the political instability
The Standard & Poor's rating agency has affirmed the United States' long-term debt rating at AA+.