Fitch Ratings upgraded National Bank of Egypt's (NBE) and Commercial International Bank’s (CIB) Long-Term Issuer Default Ratings (IDRs) to 'B+' from 'B'. Fitch also affirmed NBE's, CIB's and Credit Agricole Egypt's (CAE) National Long-Term Ratings with Stable outlooks. Fitch also upgraded NBE-UK’s (a wholly owned subsidiary of NBE) Long-Term IDR to 'B+' from 'B' with a Stable outlook. The upgrade of the IDRs follows that of the Egyptian sovereign upgrade to ‘B+’ from ‘B’ last month, while CAE's ratings are driven by potential support from its French parent. (Fitch Ratings)
 
CIB: EGP73.98 as of 3 Apr. 2019, Rating: Buy, TP: EGP84.60/share, MCap: USD6,244mn, COMI EY/COMI.CA
 
Credit Agricole: EGP46.51 as of 3 Apr. 2019, Rating: Buy, TP: EGP55.40/share, MCap: USD837mn, CIEB EY/CIEB.CA