VOL. XL
No. 47
24-November-1997
EGYPT
Moody's Upgrades Seven Egyptian Banks
The US ratings agency, Moody's Investors Service, announced on 18 November that it hadupgraded the long-term foreign currency deposits of seven Egyptian banks to Ba2 from Ba3.The new rating, still non-investment grade, follows Moody's upgrading of Egypt's sovereignrating from Ba2 to Ba1 the previous week (MEES , 17 November). The banks'short-term deposit ratings remain unchanged at Not-Prime and their Bank Financial...
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