Cairo – Mubasher: Global ratings agency Standard & Poor’s raised the long-term counterparty credit ratings on National Bank of Egypt (NBE), Banque Misr and Commercial International Bank (CIB) to "B-" from "CCC+", according to research firm OKAZ.

At the same time, S&P affirmed the short-term counterparty credit ratings on NBE, Banque Misr and CIB at "C" with the outlooks on the three banks being stable.

The move follows S&P’s upgrading of Egypt’s ratings, the agency said, pointing out that the Egyptian authorities have secured sufficient foreign currency funding to manage the country's short-term fiscal and external financing needs.

On 15 May, S&P revised its outlook on Egypt to positive from stable. At the same time, it affirmed its 'B-/B' long- and short-term foreign and local currency sovereign credit ratings on Egypt.